The Cambridge University Economics interview is a unique opportunity for candidates to showcase their understanding of economic concepts, analytical thinking, and ability to engage in critical discussions. While the interview format may vary slightly from one candidate to another, there are common themes and types of questions that you can expect. Below, I will outline the types of questions typically asked during these interviews, along with examples and strategies for how to approach them.

Types of Questions

1. General Economic Principles: These questions typically assess your understanding of fundamental economic concepts. They may require you to define terms or explain theories succinctly.

   • Example Questions:
     • What is a public good?
     • Summarise economics in one word.
     • What is the difference between correlation and causation?

   Approach:

   • Ensure you can clearly define key terms and concepts.
   • Use real-world examples to illustrate your understanding.
   • Be prepared to elaborate on your definitions and provide context.

2. Abstract Economic Questions: These questions challenge you to think critically about economic theories and concepts and apply them to hypothetical situations or broader societal issues.

   • Example Questions:
     • Are there too many people in the world?
     • Should governments intervene in the market?
     • Is outsourcing a good thing?

   Approach:

   • Structure your answer by presenting a balanced view. Discuss both sides of the argument.
   • Use logical reasoning to support your claims.
   • Be prepared to explore the implications of your argument.

3. Real-World Application: These questions assess your ability to apply economic thinking to real-world scenarios, often requiring you to analyze current events or historical examples.

   • Example Questions:
     • What would happen if Scotland left the UK?
     • Was the financial crisis of 2008 a failure of regulation?
     • Why are we privatising large services like Royal Mail and the NHS?

   Approach:

   • Stay updated on current economic events and historical cases.
   • Use data and statistics to bolster your arguments where applicable.
   • Explain the significance of events or policies in terms of economic impact.

4. Math-Based Questions: Expect some questions that require you to demonstrate mathematical reasoning or solve a numerical problem. These questions assess your quantitative skills.

   • Example Questions:
     • If a petrol station is equidistant from two towns, where should the next petrol station be built?
     • How would you calculate the return on investment for NASA’s operations?
     • Imagine you have opened a new airline. How would you determine ticket prices for maximum profit?

   Approach:

   • Practice solving similar problems beforehand.
   • Write down your calculations clearly and explain your reasoning aloud.
   • Be comfortable with basic formulas and concepts such as elasticity, marginal cost, and opportunity cost.

5. Philosophical and Ethical Questions: These questions often delve into the philosophical implications of economic decisions and policies, asking you to consider ethical dimensions.

   • Example Questions:
     • Should we still be giving aid to countries that have international space programmes?
     • What is the point of using NHS money to keep old people alive?
     • What drives immigration and emigration?

   Approach:

   • Reflect on the moral and ethical implications of economic policies.
   • Discuss potential biases and the importance of considering multiple perspectives.
   • Use ethical theories to frame your responses where relevant.

6. Comparative Analysis: Candidates may be asked to compare and contrast different economic systems, countries, or policies, demonstrating their understanding of diverse economic contexts.

   • Example Questions:
     • Compare and contrast the Indian and Chinese economies.
     • What is the difference between capitalism and communism? Are they really that different?

   Approach:

   • Organise your thoughts in a comparative framework.
   • Highlight key differences and similarities, using data where necessary.
   • Discuss the historical and cultural contexts that influence each system.

Strategies for Success

1. Practice Thinking Aloud: During the interview, it’s crucial to articulate your thought process clearly. Practicing this skill will help you communicate effectively with the interviewers.

2. Stay Calm and Collected: Interviews can be nerve-wracking. Engage in relaxation techniques before the interview, such as deep breathing or visualization, to calm your nerves.

3. Engage with the Interviewers: Remember that interviewers are not just looking for the ‘right’ answers; they want to see how you think. Don’t hesitate to ask for clarification if you don’t understand a question.

4. Be Open to Discussion: Be prepared for your answers to spark further questions. The interview may evolve into a more conversational format. Be flexible and willing to explore different angles.

5. Stay Informed: Keep abreast of current economic issues and debates. Reading newspapers, economic journals, and relevant literature can provide context and depth to your answers.

6. Understand Your Limitations: If you encounter a question you can’t answer, it’s better to acknowledge it and discuss what you do know rather than fumbling through.

7. Balance Your Perspectives: When discussing economic issues, consider multiple viewpoints. This not only demonstrates your critical thinking but also shows that you can appreciate the complexity of economic situations.

Key Takeaways

• Diverse Question Types: Expect a mix of definitions, theoretical discussions, real-world applications, math-based questions, and philosophical inquiries.
• Articulate Your Thoughts: Practice verbalizing your reasoning and engage in discussions to refine this skill.
• Stay Current and Informed: Familiarize yourself with current economic events, theories, and historical contexts.
• Be Yourself: While preparation is essential, authenticity in your responses will resonate more with interviewers.

Recommended Resources

1. The Oxbridge Interview Book: Economics - A comprehensive guide to interview preparation.
2. Economic Literature: Read classic and contemporary works in economics to broaden your understanding.
3. Online Learning Platforms: Utilize resources from Coursera, edX, or Khan Academy to enhance your knowledge.

By combining thorough preparation and a positive mindset, you can navigate the Cambridge Economics interview with confidence and increase your chances of receiving an offer. Good luck!