Economics – Cambridge Interview Questions
Subject Interview Guide – Economics
Our Subject Interview Guides help you to prepare and go into your interview with confidence.
The Economics guide discusses Cambridge Interview Questions in depth with answers and approaches – along with possible points of discussion to further demonstrate your knowledge. The Economics Guide also includes the Cambridge General Interview Guide. It has been specially edited for applicants for each subject by a team of Oxford and Cambridge graduates.
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The Cambridge Interview Guide – Economics
The Economics Interview Guide discusses the following questions in detail:
Economics Interview Questions
- Some Neoliberals say that poor people are poor because they are too lazy to work, what are your thoughts?
- Does the welfare state trap people into poverty?
- A new country is formed in Africa. They introduce a new currency. How does the international market value what it is worth?
- Does a balance of trade deficit matter?
- Can we really measure GDP?
- Would it be feasible to have an economy entirely based on the service sector?
- Are there too many people in the world?
- Should governments intervene in the market?
- What is the best way to win in the game of Monopoly? Is this possible in real life?
- What is the difference between management and leadership?
General Interview Questions
- What are your top three skills?
- If you could meet anybody from history who would it be and why?
- If you had to choose a new language to learn, which one would it be and how would you go about it?
- What have you found most difficult at A Level and how did you overcome this?
- Why are you here?
- Tell me everything about you in 60 seconds.
- Tell me about a news article you have read recently that you found interesting.
- What do you think you could contribute to college life?
- If you could have one superpower, what would it be and why?
- Which is more important – art or sciences
The Cambridge Interview Guide – Economics
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“How can I prepare when the interviewer could ask me absolutely anything about Economics?”
By understanding how the interview works and, crucially, what it is that the interviewer is looking for. The interviewer is not looking to catch you out, but rather for you to demonstrate your curiosity, knowledge and passion for Economics.
“How am I able to do that?”
Demonstrate your enthusiasm and personality
Show that you enjoy studying Economics independently
The easiest way to demonstrate your enthusiasm for Economics is to show that you are self-motivated and have studied the subject in your free-time for enjoyment – for example through online lectures and independent reading. If you don’t know where to start, review our suggested reading list below.
Demonstrate your subject knowledge about and passion for Economics
The key to answering these questions is to always demonstrate your thought process aloud. The interviewer does not expect you to be able to answer every question immediately, but rather wants to determine that you are able to think about and work on unknown topics with confidence, intelligence and clarity – and they won’t be able to do that if you sit in silence! Use the list of questions below to prepare. Perhaps you can have a friend or relative ask you these questions so that you can develop your skills of thinking under time pressure and speaking out loud.
Economics Suggested Reading
General Introduction
British Economic History
Background reading on UK, European and World History
Economics Practice Questions
If there were three beautiful, naked men or women standing in front of you, which one would you pick? Does this have any relevance to economics?
Can you put a monetary value on this teapot?
Would it be feasible to have an economy entirely based on the service sector?
If a Martian drops money across the country, does inflation go up?
Are there too many people in the world?
What is the point of using NHS money to keep old people alive?
Explain why teachers might be changing jobs to become plumbers.
What is the difference between buying and selling of slaves and the buying and selling of football players?
Describe this saucer to me as if I wasn’t in the room
What is a public good?
How would you market a pub rock band?
Should governments subsidise agriculture?
What are the consequences of changing interest rates?
What is the point of privatisation?
How would you make a hypothetical sandwich stall more profitable?
What is a monopoly? What are the advantages and disadvantages?
Summarise Economics in one word.
What’s the difference between a correlation and a cause and effect relationship?
Why is Dubai expanding so rapidly given that it has no tax generated income?
A new country is formed in Africa. They introduce a new currency. How does the international market value what it is worth?
Are large or small companies more successful?
Are there too many people in the world?
Can we really measure GDP?
Compare and contrast the Indian and Chinese economy.
Consider a production line. What could be done to help the worker to get away from the routine?
Do economists rely too heavily on models?
Does a balance of trade deficit matter?
How would you calculate the return on investment for NASAs operations?
How would you calculate the return on investment of Christopher Columbus’s voyages?
How can we predict future economic recessions and avoid depressions?
If a petrol station on a road is equal distant from two towns, where should the next petrol station be built?
If you and a business owner each have 10 loyal customers who will always buy from you unless you sell above £10, and there are an additional 80 who will choose who to buy from based on price alone, at what price does it become more profitable to stop undercutting your competitor and sell at £10 instead?
Imagine you have just opened up a new airline that flies a unique route. How would you determine what price to set tickets at to ensure maximum profit?
Is outsourcing a good thing?
Is sociology useful for studying economics?
Should government intervene in the market?
Should governments have debts?
Should governments have debts? What measures would you suggest to eliminate the national debt?
Should governments intervene in the market?
Should governments subsidise agriculture?
Should inequality matter to economists?
Should we still be giving aid to countries that have international space programmes e.g. India?
Tell me about some philosophical works you’ve read.
The value of the US Dollar and Japanese Yen are swapped with other overnight What would happen to global markets?
This graph shows salt prices for the last 200 years. They follow a very predictable and cyclical pattern. Given that there was a huge depression and two world wars, how is this possible?
Was the financial crisis of 2008 a failure of regulation?
What is Gambler’s Ruin and what does it tell us about how a casino operates?
What is the difference between buying and selling of slaves and the buying and selling of football players?
What would be the implications of Scotland leaving the UK? What about Wales?
Would I be justified in saying that only morons play sport?
What would you say if the PM were to take a report which shows that people who go to university earn more than those who do not, and then proclaim that going to university causes you to earn more?
Why is a film actor wealthier than a theatre actor?
I give you £100. You have to offer part of this £100 to someone. Unless they accept the offer, you get nothing. How much will you offer?
Why is deflation a scare to the UK?
Would you support the privatisation of the NHS?
A girl in a small town wishes to sell a painting – will she earn more revenue through sealed bids or raffle tickets?
What two simple things could you recommend to a shopkeeper to increase their sales?
What are the consequences of changing interest rates?
What causes some brands to go global whilst others to fail?
What drives immigration and emigration?
What influences a country’s productive potential?
What is a monopoly? What are the advantages and disadvantages?
What is point of the G5? What about the G20?
What is the difference between capitalism and communism? Are they really that different?
What is the basis of performance related pay?
What is the best way to win in monopoly? Is this possible in real life?
What is the biggest problem facing CEOs?
What is the difference between a firm and a company?
What is the difference between capitalism and communism? Are they really that different?
What is the difference between management and leadership?
What is the difference between the Chancellor of the Exchequer and the Governor of the Bank of England?
What is the golden ratio? Why do banks and investments firms obsess over it?
What is the point of privatisation?
What is the point of using NHS money to keep old people alive?
What were the causes of the American depression in the early 20th century?
What will happen to oil prices in the next 10 years? What about 100 years?
What would happen if there was no inflation?
What’s the difference between a correlation and a cause and effect relationship?
Why do teachers become plumbers and who should pay for their training?
Why are branches of Starbucks and McDonalds so close to each other in cities like London, Tokyo and New York?
Why are diamonds so expensive? Why is steel so cheap?
Why are we privatising large services like Royal Mail and the NHS?
Why do Rolls-Royce build cars by hand, and Toyota by machine?
Why does the Bank of England fear deflation? What would happen if there was no inflation?
Why don’t we use the Euro?
Why is a film actor wealthier than a theatre actor?
Why is the American economy so strong?
Would an economy based entirely on the tertiary sector be feasible?
You are the captain of a pirate ship and have found a treasure chest. Your crew gets to vote on how the treasure is shared. If fewer than half of the pirates agree with you, you die. How would you share the gold in such a way that you get a maximum share and survive?
The Cambridge Interview Guide – Economics
The Economics Interview Guide discusses the following questions in detail:
Economics Interview Questions
- Some Neoliberals say that poor people are poor because they are too lazy to work, what are your thoughts?
- Does the welfare state trap people into poverty?
- A new country is formed in Africa. They introduce a new currency. How does the international market value what it is worth?
- Does a balance of trade deficit matter?
- Can we really measure GDP?
- Would it be feasible to have an economy entirely based on the service sector?
- Are there too many people in the world?
- Should governments intervene in the market?
- What is the best way to win in the game of Monopoly? Is this possible in real life?
- What is the difference between management and leadership?
General Interview Questions
- What are your top three skills?
- If you could meet anybody from history who would it be and why?
- If you had to choose a new language to learn, which one would it be and how would you go about it?
- What have you found most difficult at A Level and how did you overcome this?
- Why are you here?
- Tell me everything about you in 60 seconds.
- Tell me about a news article you have read recently that you found interesting.
- What do you think you could contribute to college life?
- If you could have one superpower, what would it be and why?
- Which is more important – art or sciences
The Cambridge Interview Guide – Economics