On this page I have answers to some practice economics interview questions for Oxbridge.
For a paid resource with 50 Oxbridge Economics interview style questions, please see the link below:
Now below are two PDF files with questions and possible answers to those questions. Please note there may be multiple ways to answer a given question and the answers are simply suggestions. Apologies in advance in case of any errors with the questions or answers.
Comments on Miscellaneous Answers in the above PDF
Mathematics in an Economics Context
Comment: the main mistakes I often see when students answer this kind of question are:
- Errors in calculus. Particularly with differentiation of fractional powers;
- Errors in basic maths operations. So addition, subtraction, division and so on.
- Not knowing what the graph of a fractional power of x looks like. For example the square root of x.
- Incorrectly valuing 0 raised to a negative power.
- Not being able to appreciate how calculus can be used in an economics context.
Currencies and Crises
The issues I often observe when students answer this question are:
- Lack of familiarity with how fixed or managed exchange rate regimes function.
- Confusion around the definition of an exchange rate. For example what a weak or strong currency means.
- In addition not knowing what determines the exchange rate. Alternatively not knowing the explanation. For example how does inflation affect the exchange rate? How about the interest rate?
Note this can be one of the harder areas of economics to understand for some. So it is worth taking some time to understand such topics. Current accounts and financial flows can also prove difficult topics for example. This is not just for interview purposes. Also it will help you as an economist and student.
Game Theory and Probability
The question concerns the “bystander effect”. You are welcome to read more about the bystander effect here.
Here I often see these mistakes from interviewees:
- Those who are familiar with the idea of a 2×2 payoff matrix tend to approach this question better. Suppose you have not heard of game theory before or 2×2 payoff matrices. Then I recommend looking up examples like the “prisoner’s dilemma”.
- Calculating entirely in your head. This question has lots of information. So it can help to write things down.
- Probability issues. Consider the probability of three different coins not landing heads. This equals 1 minus the probability of at least one coin landing tails. The question demands the same logic in the final parts.
- Some students just find certain parts very difficult. Most often this applies to the very last parts.
For more tips on Oxbridge Economics applications and personal statements, click the link here.
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