The Ph.D. economics entrance examination will have two parts. The first part will test applicants on statistics and mathematics. The second part will test applicants on microeconomics, macroeconomics and econometrics at the level of entry to the first year of the Masters Programme in Economics in any standard Economics programme in the country. All questions will be multiple choice. Topics covered will include the following
Microeconomics: Theory of consumer behaviour; theory of production; market structure; general equilibrium and welfare economics; international trade; game theory – normal and extensive forms, Nash and sub-game perfect equilibrium.
Macroeconomics: Theories of income determination, neoclassical models of growth, infinite horizon and overlapping generation models, nominal rigidities, theories of unemployment, fiscal and monetary policy.
Econometrics: Random variables, statistical inference, linear regression (including regressions with dummy variable regressors), multicollinearity, autocorrelation, omitted variables, measurement error, instrumental variables.
Indicative textbooks include Advanced Microeconomic Theory by Geoffrey A. Jehle and Philip J. Reny, Advanced Macroeconomics by David Romer, and Introductory Econometrics by James Wooldridge. However, questions will not necessarily be based on these books alone.