Economics Interview Questions and Answers

26 :: What is the Gross Domestic Product of Norway?

Norway is one of the world's most developed nations and is home to one of the most advanced economies in the world. The country's overall GDP is quite large considering the nation's small population. Its GDP per capita is higher than that of the United States, ranked second in both nominal and PPP figures.

Its GDP figures in 2005 were as follows:

1) Nominal GDP: $296 billion (25th rank)

2) GDP PPP was $195 billion (42nd rank)

3) Nominal GDP per capita: $64,000 (2nd rank)

4) GDP PPP per capita: $42,000 (2nd rank)

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27 :: What is the economy in Bulgaria like?

Bulgaria was somewhat hesitant in terms of embracing market reforms. The economy suffered greatly after the fall of communism with standard of living dropping drastically. In the mid 1990s, the economy improved and reforms were implemented. Economic growth has been steady and stable, ranging from 5% to 7% since the late 1990s. Currently its GDP per capita is considerably above that of most developing nations but still considerably lower than that of Eastern Europe's more developed economies, not to mention the post-industrial economies of Western Europe. 15% of its GDP is still derived from agriculture, compared to less than 3% in most developed nations. Unemployment remains relatively high at almost 10% and the country receives roughly $475 billion in financial aid annually. Overall, the nation has overcome many of the problems that have plagued the economy during the early 1990s. Bulgaria remains ahead of most other developing or quasi-developed nations, yet lags behind other former communist nations such as the Czech Republic, Slovenia or Hungary.

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28 :: Who decides what goods services will be produced and sold in the US?

It is mostly the American consumer. The US government also plays a large role in the nation's economy, constituting roughly 36% of GDP - making it the largest and thus most influential economic institution and consumer. Manufacturers or those controlling supply may also manipulate demand through advertising and popular media.

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29 :: Why is economics seen as a social science?

Beginning with a definition:

The social sciences are a group of academic disciplines that study human aspects of the world. They diverge from the arts and humanities in that the social sciences tend to emphasize the use of the scientific method in the study of humanity, including quantitative and qualitative methods.

Economics is clearly a human phenomenon. Even though some topics in economics, such as game theory, are used in the natural sciences and mathematics, economics remains a study of purely human phenomenon.

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30 :: What is the Malthusian theory on population?

If population growth continues then there will not be enough resources around for everyone this will lead to an event such as famine or war, which will reduce the population.

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