Interview questions for Oxbridge Economics

Interview QuestionsWe are heading towards the Oxford and Camrbidge interview season, nerves for many and hopes and dreams on the line. Whilst no amount of preparation can deliver a good performance on the day, here are some of the questions I have been firing at some of my students ahead of the interviews in early December. I will publish another set in a couple of days.QuestionsWhat would you understand by the term “Keynesian Economics?”<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /> What has caused the significant productivity gap between <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />UK and the US? What would be the affect of tightening monetary policy on the value of bonds in the bond market? How could the government prevent people from taking certain motorway routes (and thus decrease congestion)? Why did Japanese Kamikaze pilots wear helmets? If the government borrows a lot of money, what will this do to interest rates? If interest rates are raised, will firms invest more or less? ‘The housing market is currently seen as a place where it is very hard for some sectors like nurses to find affordable housing. Please comment on that.’ How will $2:£1 effect the US economy? What is correlation? Does correlation provide enough evidence for the two factors being directly linked? What was Keynes’ most important principle? Are there any examples of markets that do not exist? Is impulse buying irrational? There is a rare disease that infects every 1/1000 people. There is a test to see if you have it - which is wrong 5% of the time. What is the probability that you have it? Should you be worried? What is globalisation?” “What does the average citizen gain from globalisation?” “Should employees, firms, or the government pay to train workers?” Why do teachers become plumbers and who should pay for their training? Can addiction be rational? “Why shouldn’t we work the same hours as they do in France or Spain?” Is saving a strangers life from drowning a rational or irrational action? What is the difference between a leader and a manger? Why do governments not seek to eradicate inflation completely? In your studies of economics, have you come across any examples of a theory or idea that seems completely counter-intuitive? What part of economics really interests you? Why do you want to study E&M at Oxford? What motivates an entrepreneur? Explain the underlying causes of the business cycle Talk about a situation in which a monopoly practises price discrimination. Is there any welfare loss if a firm practises first degree price discrimination? Is a $1 a gallon subsidy on bio-fuels a crime against humanity? What does web2.0 mean? What does it mean for businesses and for management? Should senior executives receive no more than 20 times their average salary? Should the pay of every employee in a business be known by everyone else?