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But what happens then?
After the final is over, the students will themselves to forget all of the misery and struggle of the semester, and instead focus on relaxing and enjoying their summer... that, or working and making money. The problem is that the majority of that information isn't retained: it is lost for good.
Are tests really effective? I don't think so. I think a much better form of evaluation is the essay. An essay may take the same amount (or greater) of effort, but it requires a more drawn-out period of time to complete. The students are allowed to put more thought and care into it, and then at the end of the year they may turn the essay in, but they also have a copy of it to keep.
They have created something... and hopefully they have created something that is good and worthwhile. And due to the length of time that they took to create it, the information has a better chance of sticking somewhere up there.
And no, I'm not proposing that everyone nix the multiple choice and switch to timed essay tests... dang, I hate timed writing.