After reading this examination that provides prospective candidates ample opportunity to tailor their examinations to their own course work and interests, one cannot help but conclude that the examination was not intended to test mastery of a common core nor a familiarity with a wide-range of economics. Maybe the explanation is that this is merely the reflection of a committee of individuals too polite to insist on cutting questions outside of one’s own specialization yet too stubborn to allow cuts either.
Perhaps you would like to leave in the comments the list of five questions you would choose to answer (assuming that you are eager to maximize your grade on this exam).
I’ll go first: (5, 8, 16, 22, 26).
Your turn! (Scroll down the page to add comment)
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EXAMINATION
for
PROSPECTIVE CANDIDATES FOR THE DEGREE OF PH.D. IN ECONOMICS
(May 7, 1949, 2:00 p.m. to 5:00 p.m.)
Questions on Specific Areas of Economic Study
Answer any FIVE but NOT MORE THAN FIVE questions.
A. Write all answers legibly in ink or on a typewriter.
B. Begin each question on a fresh sheet of paper. Write your name on all sheets used.
C. Be as specific as the question permits.
D. Be sure that your statements are relevant to the question.
E. Allow yourself time to reread your answers before handing in the sheets.
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- What part do psychological and technological factors play in the propagation of business cycles?
- Is there a need for a separate theory of international trade, and if so, on what grounds?
- Some writers attribute the dollar shortage to the greater increase of productivity in the United States as compared to the rest of the world (including, particularly Western Europe). What do you think of this explanation?
- Discuss the origins of money (a) as means of payment, and (b) as means of exchange.
- Describe the present distribution of powers, among the various agencies concerned, over the American currency and commercial banking systems. In particular, who determines the volume of “money”?
- Describe and appraise both the theoretical and the historical arguments for the “stagnation” thesis.
- Discuss the main trends in Soviet foreign trade under the pre-war five-year plans.
- To what extent is the predominance of agriculture in the productive activities of a country correlated with a low level of income? Explain the relation between the level of income and the importance of agriculture.
- Explain the principal influences affecting the amount of capital in different countries.
- What was the role of fiscal policy in mercantilism?
- Give a critique of the role of marginalism in John R. Commons’ institutional economics.
- Discuss the place of the Most-Favored-Nation Clause in the French Commercial Policy in connection with the tariff legislation of 1892 and of 1919.
- Give an account of the organization of labor on the Soviet collective farm.
- Comment on the methods and conclusions of Seligman’s “Shifting and Incidence” in the light of recent developments in the field of economic analysis.
- Discuss the probably future role of “benefit taxation” in the light of prevailing trends of fiscal policy.
- Suppose that list prices of new automobiles had been raised by 15% above actual levels prevailing in 1946. What would have been the effect on used car prices?
- “There is a disposition on the part of the judiciary to emphasize the compensation of the injured person rather than the punishment of the guilty one.” Outline three major features of the workmen’s compensation laws that justify this generalization. Discuss one important exception.
- “The expanding commercial interests of the merchant capitalists of the New England colonies came into conflict with the great capitalistic interest of British West Indian sugar.”….”On the contrary, these two interests were not competitive but essentially complementary.” Write a careful statement of the problem raised by these two conflicting assertions.
- Assume that you were a capitalist in 1830 with money to invest in manufacturing either in Great Britain or in the United States. Indicate the considerations (other than patriotism) that you would have weighed in choosing between the two countries for your investment.
- What is the “parity” concept as it applies to agricultural prices? Discuss the implications, for economic processes at large, of the application of price parity to agricultural commodities, and give your appraisal of the parity program.
- Discuss the changes that have occurred in the United States since the First World War, in the volume and character of production and in productivity. What effect, if any, may these changes be expected to have on the operating characteristics of the American economy and on the problems involved in maintaining full employment?
- Explain how statistical evidence may be used in applying tests of significance in economic research. What is the logical justification of such tests? What constitutes “verification” or “proof” in scientific inquiry?
- In public utility rate making, how my one distinguish between differences in rates for various types of service that are “discriminatory,” and differences that are “non-discriminatory”?
- Distinguish between the capitalization (security structure) of (a) a typical manufacturing corporation, (b) a typical electrical utility company, and (c) a typical railroad company.
- Discuss the merits of the contention that, in the determination of the net income of a business enterprise, the allowance for depreciation should be based on the replacement cost of the depreciating asset rather than on original cost.
- “Wages are governed by the marginal productivity of labor.” Explain as specifically as possible what this means, in operational terms. Do you consider the statement valid?
- Assuming an industry consisting of a limited number of large producers selling a standardized product. Is it possible to construct a theory which will define the level to which price will naturally tend? Indicate one or more answers which have been given to this problem, and problems involved with respect to assumptions used.
- In what practical ways did the Wagner Act contribute to the growth of American unions since 1935?
- In what respect and why does the Taft Harley Act change the status of foremen in American labor law?
Source: Columbia University Library, Manuscript Collections. Albert Gailord Hart Collection. Box 62: “Teaching Materials 4. Columbia University.” Folder: Label “TEACHING Sec 4: Col Univ Ec 103/4 MICRO: EXAMS”.
Image Source: Alma mater before the old library of Columbia University from Historic Preservation Education Foundation.