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G7 board behaviours > Economic questions > Flashcards

Economic questions Flashcards

1
Q

How would you evaluate the cost and benefits of electric vehicles

A

• What are they after appraisal or post evaluation? Make sure what they are after is clear – you can always ask for clarification during the interview. • Post evaluation - what are we evaluating? • What are the objectives? SMART objectives • Thinking about reasons for intervention - what are the market failures? Is there a distributional/inequality issue? Is it strategic/politically driven? (be able to give explain the characteristics of market failures and examples). o Monopolies o Externalities o Asymmetric information o Public good o Equity reasons • What is the policy mechanism? Standards/quotas, taxes/subsidies, regulation, bans, obligation, legality/property rights (esp for externalities), nudging techniques: more cycle lanes, encourage walking, etc. Product standards, public information/education campaigns. Link this back to the market failures. • What are the alternative options? Short-list of options? • Then think about stakeholders, cost and benefits for each • Are they real costs and benefits or transfers within society? e.g. taxes • Think about what evidence we have, data sources, can we monetise it or not? • Then go into one or two cost and benefits in more detail • Counterfactual? Appraisal period? • Risk • Sensitivities • Think about evaluation and evaluation plan - why do we want to do this? Ensure policy achieves objectives and is VfM

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2
Q

Why should the UK increase investment in health care?

A

Reasons:

  • Healthy workforce
  • increased productivity
  • more productive/growing economy

Reasons for intervening:

  • Monopolies (in medication, vaccination, clinical trials etc)
  • Externalities
  • Asymmetric information
  • Equity reasons - merit goods
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3
Q
  • Should the NHS be free?
A
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4
Q
  • Why do countries trade?
A
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5
Q
  • Is inflation a problem?
A
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6
Q

What is the ROAMEF cycle?

A

Rationale

Objectives

Appraisal

Monitoring

Evaluation

Feedback

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7
Q
  1. What factors should the government consider when choosing whether to extend the business loan scheme?
A
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8
Q
  1. What is price elasticity of demand and what are its determinants?
A
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9
Q
  1. What factors do businesses take into account when looking to investing?
A
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10
Q

Why give unemployment benefits?

A
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11
Q
  1. Why is X not provided by the market?
A
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12
Q

Why does the government need to intervene for air pollution?

A
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13
Q
  1. How would you appraise the Eat-out-to-help-out scheme?
A
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14
Q
  1. Is education a public good?
A
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15
Q
  1. Three large pharmaceutical companies have recently announced that they’ve developed Covid 19 vaccines. How should these vaccines be distributed? Should the NHS be free?
A
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16
Q
  1. Using game theory, why is there political support for the trident nuclear system?
A
17
Q
  1. Are Amazon/Facebook/Google too large and hindering competition?
A
18
Q
  1. What is the effect of an increase/decrease in the price of oil?
A
19
Q
  1. Explain currency appreciation, provide an example, and explain how a local currency appreciating in value may affect the balance of payments.
A
20
Q
  1. What are the benefits of trade?
A
21
Q
  1. What role does innovation have to play in the economy?
A
22
Q
  1. What drives the productivity of a certain area?
A
23
Q

What are the impacts of EU exit/ leaving a trading block ?

A
24
Q
  1. Why is uncertainty bad for the economy?
A
25
Q
  1. Should the UK put tariffs on incoming goods?
A
26
Q
  1. What is economic growth? How is it measured? What are the drivers of it?
A
27
Q

What is the effect of a depreciation of the currency on the economy?

A
28
Q
  1. What are the effects of running a high government deficit on the economy?
A
29
Q
  1. Can you explain why output per worker has flat-lined since 2008?
A
30
Q
  1. After WW2, Germany experienced a period of hyperinflation. Can you explain the situation and potential remedies?
A
31
Q
  1. Is inflation a problem?
A
32
Q
  1. Can income inequality ever be a good thing?
A
33
Q

What are the different types of unemployment?

A
34
Q
  1. Why do countries trade?
A
35
Q

Give examples of market failures that could justify governmetn intervention

A
  • Market Structure/ Market Power –
    • Monopolies (Natural vs organised)
    • Barriers to entry
  • Types of good
    • Public goods – non-excludable vs non-rivalrous
    • Externalities – negative and positive
  • Nature of exchange
    • Transaction costs
    • Agency problems
    • Informational Asymmetries
    • Missing markets
    • Adverse Selection
    • Moral Hazard
  • Bounded rationality
  • Productive + allocative inefficiency
  • Merit and de-merit goods
  • Equity/equality concerns

G7 board behaviours (3 decks)

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