I will be studying honours degree (Australian fourth year). And i am allowed to take not only graduate courses (advanced micro and macro), but also PhD courses for micro and macro. I asked them if I can take real analysis, but it seems impossible because of school policy. Anyway, if math is considered important simply because it is essential to PhD courses, and if I score A(HD) for phd courses, can it be compensation for no maths courses? Actually I studied by myself, including multivariable calculus and linear algebra, some of real analysis. So i think I can get A.
Also, if you can choose between PhD courses and advanced I/O and game theory, which one would you choose, based on that your research interest lying on I/O
Given that you're in an Australian honors program, this might be relevant and reassuring: Core Economics | For the ambitious, prospective PhD student: A Guide. Short answer: Oz honors programs seem to be well-respected, so if the rest of your profile is good (especially LORs), then you should be fine.
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