Category: Exam Questions

Harvard. Social Ethics Courses. Enrollments and Final Exams. Peabody et al., 1912-1913

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Post date 2026-10-06
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Room 2 of Harvard's Social Museum (1911)

Social Ethics 1-7
1912-13

Social Ethics 1. Social Problems in the Light of Ethical Theory
Social Ethics 2. Practical Problems of Social Service
Social Ethics 3. Criminology and Penology [omitted 1911-12]
Social Ethics 4. Social Problems of Immigration and Race
Social Ethics 5. The Housing Problem
Social Ethics 6. Social Amelioration in Europe
Social Ethics 7. Rural Social Development

The courses in this group are designed to apply philosophical principles to the modern problems of philanthropy, industry, and social life. They begin with a general introduction to Social Ethics and proceed to methods of applied ethics which approach those of a professional school. Students should have already elected courses both in Philosophy and in Economics, and should regard the courses in Social Ethics as concerned with the transition from academic to practical life.

Previously posted course material for social ethics at Harvard.

________________________

Social Ethics Instructors
1911-12

Jeffrey Richardson Brackett
Robert Franz Foerster
James Ford
Francis Greenwood Peabody

________________________

Social Ethics 1.
Poor-Relief, the Family, Temperance and the Labor Question

[Social Ethics] 1. The Problems of Poor -Relief, The Family, Temperance, and various phases of the Labor Question, in the light of Ethical Theory. Lectures, special researches, and prescribed reading. Tu., Th., Sat., at 10. Professor [Francis Greenwood] PEABODY, Dr. [James] FORD, and Dr. [Robert Franz] FOERSTER.

This course is an application of ethical theory to the social problems of the present day. It is to be distinguished from economic courses dealing with similar subjects by the emphasis laid on the moral aspects of the social situation and on the philosophy of society involved. In addition to lectures and required reading a special and detailed report is made by each student, based as far as possible on personal research and observation of scientific methods in industrial reform. These researches are arranged in consultation with the instructors; and an important feature of the course is the suggestion and direction of such personal investigation and the provision to each student of special literature and opportunities for observation. Students are advised, before beginning the study of Social Ethics, to take courses both in Economics and Philosophy; and must have taken a course, or the equivalent of a course, in one of these subjects.

Source: Official Register of Harvard University, Vol. IX, No. 16 (May 10, 1912). Division of History, Government and Economics, 1912-13, p. 69.

Course Enrollment

[Social Ethics] 1. Professor [Francis Greenwood] PEABODY, Dr. [James] FORD, and Dr. [Robert Franz] FOERSTER. — Social Problems in the light of Ethical Theory. Poor relief, the family, temperance, and the labor question.

Total 75: 16 Seniors, 25 Juniors, 13 Sophomores, 2 Freshmen, 19 Others.

Source: Report of the President of Harvard College, 1912-1913, p. 62.

Year-end Examination
SOCIAL ETHICS 1

So allot your time that you may answer all questions

What advantages would be secured by each of the devices described by Seager for dealing with unemployment?
Describe the method employed for dealing with industrial disputes in (a) England, (b) New Zealand. What are the respective advantages and disadvantages of these methods?
Compare and contrast the Victorian and the Massachusetts Minimum Wage Laws.
What was the case of Priestley vs. Fowler? What were its consequences? What are the provisions of the present British law by which the problem in question is dealt with?
What are the difficulties and dangers in the application of “welfare work “? Under what conditions, if any, should “welfare work” be undertaken by employers? (Treat specifically (a) “welfare work within the factory; (b) provision of facilities for recreation.)
Define industrial partnership, copartnership, workers ‘ cooperative production. Show in how far these terms overlap.
Criticize the following:–
1. “Co-operation is incapable of raising wages and shortening hours.”
2. “The aim of co-operation is to abolish utterly the wage system.”
“Syndicalism asks that each industrial group of workers should control the instruments of production which it uses the railway — men, the railways; the miners, the mines; and so on. “Is this a practicable program? Give argument and evidence in detail.
Outline the history, aim, structure, and methods of the British Co-operative Union.

Source: Harvard University Examinations. Papers set for final examinations in history, history of science, government, economics, philosophy, social ethics, education, fine arts, music in Harvard College(June 1913), pp. 71-72.

___________________________________

Social Ethics 2.
Practical Problems of Social Service

* 2 ²hf. Practical Problems of Social Service: Public Aid, Charity, and Neighborhood Work. Lectures, prescribed reading, and observation of work under skilled direction. Half-course (second half-year). Tu., Th., at 2.30. Dr. [Jeffrey Richardson] BRACKETT.

This course is for advanced students, especially for those who plan, as ministers, teachers, or as citizens, whatever their vocation, to be actively interested in charity, correction, or any form of social work. It is also an introduction to Social Ethics 20c, the School for Social Workers. It is a study of tendencies in Social Service, of law and custom, especially in England and the United States, bearing directly on such topics as neighborhood improvement, forms and sources of relief, modification of charitable trusts, treatment of special types of the needy, organization of charity, financial management, supervision of work by public and private agencies.

Source: Official Register of Harvard University, Vol. IX, No. 16 (May 10, 1912). Division of History, Government and Economics, 1912-13, pp. 69-70.

Course Enrollment

[Social Ethics] 2 ²hf. Dr. [Jeffrey Richardson] BRACKETT. — Practical Problems of Social Service: public aid, charity, and neighborhood work.

Total 23: 3 Graduates, 7 Seniors, 7 Juniors, 2 Sophomores, 4 Others.

Source: Report of the President of Harvard College, 1912-1913, p. 62.

Year-End Examination
SOCIAL ETHICS 2

“At the beginning of the study of the causes of poverty, the personal causes, as we have seen, were chiefly emphasized.”
Explain this statement.
What is the present tendency in weighing causes of poverty and misery?
What is your judgment as to tendencies?
You are asked what a social settlement is for. What is your answer?
What are the places in modern philanthropy:–
1. Of “volunteer” or unpaid workers, usually giving part time, as compared with
2. The professional workers who are usually paid for full time service?
Illustrate your view of the meaning of social work by the treatment of two of the following types of need:–
1. The feeble-minded.
2. The blind.
3. Offenders.
4. Dependent children.
What should be the chief results of a well used confidential bureau for exchange of information of needy families?
What arguments do you give
1. For,
2. Against, the use of public money for private charity?
What are the chief lessons of value which you have learned from the field work which has been accepted as practice work for this course?

___________________________________

Social Ethics 3.
Criminology and Penology

[* 3 ¹hf. Criminology and Penology. — Lectures, prescribed reading, and reports. Half-course (first half-year).]

Omitted in 1912-13.

Source: Official Register of Harvard University, Vol. IX, No. 16 (May 10, 1912). Division of History, Government and Economics, 1912-13, p. 70.

___________________________________

Social Ethics 4.
Social Problems of Immigration and Race

* 4 ¹hf. Social Problems of Immigration and Race. — Lectures, prescribed reading, and a research. Half-course (first half-year). Tu., Th., Sat., at 11. Dr. [Robert Franz] FOERSTER.

This course deals principally with immigration into the United States, in its international aspects and as an internal problem; secondarily with the American negro problem. Emigration from foreign countries is first studied — in its causes, its historical course, and its consequences for the countries from which it proceeds. Next are considered the history and changes of immigration into the United States; the condition of immigrants in this country; and the effects, transitory and permanent, upon the United States, under social, industrial, and racial aspects. Questions of American internal policy (contact, utilization, assimilation) and the question of national policy (restriction, non-restriction, selection, protection) are studied, partly in relation to emigration and immigration legislation of other countries. To the negro problem less time is devoted; yet the rural and urban populations, their economic and social changes in the post-slavery period, and the broad questions of public and private policy will be considered.

The method of the course will be as far as possible analytical rather than historical or descriptive. Special emphasis will be laid on the thesis and from time to time research conferences will be substituted for lectures.

Source: Official Register of Harvard University, Vol. IX, No. 16 (May 10, 1912). Division of History, Government and Economics, 1912-13, pp. 70-71.

Course Enrollment

[Social Ethics] 4 ¹hf. Dr. [Robert Franz] FOERSTER. — Social Problems of Immigration and Race.

Total 20: 6 Graduates, 8 Seniors, 2 Juniors, 1 Sophomore, 3 Others.

Source: Report of the President of Harvard College, 1912-1913, p. 62.

Mid-year Examination
SOCIAL ETHICS 4

So allot your time that you may answer all questions. Carefully indicate the reasons for your conclusions.

Is there an instinct of migration? Are there other peculiarly psychological causes of emigration? What psychological factor is of noteworthy consequence after arrival of immigrants in this country?
Show the connection of immigration with the problem of insanity in the United States. What is our present legislation in regard to insane aliens?
“Recent immigration has not reduced the rates of wages, nor has it prevented an increase in the rates of wages; it has pushed the native and older immigrant wage-earners upward on the scale of occupations.” Discuss both of these propositions, giving in some detail reasons for the position you take.
A Massachusetts congressman recently said: “The literacy test, as I have repeatedly shown, discriminates strongly against the class of laborers who are most needed in the United States.” By what argument would that position be supported? Indicate the grounds of your agreement or disagreement with the argument.
Compare the occupational position of the negro in the rural South with that in New York City. Upon what grounds are the differences to be explained? What is Murphy’s solution of the occupational problem?
What can be said of the effects of (a) race mixture, (b) environment, upon the future race stock of the United States?
What are the effects of emigration upon Greece?

___________________________________

Social Ethics 5.
The Housing Problem

* 5 ¹hf. The Housing Problem. — Lectures, prescribed reading, and research. Half-course (first half-year). Mon., Wed., Fri., at 10. Dr. [James] FORD.

Primarily a course in social research. Each student is required to make an intensive original survey of housing conditions in a selected district, or to undertake detailed field work in some phase of the subject. The lectures and prescribed reading will deal with methods and results of existing housing surveys. Examination will be made of the causes and remedies of lot and room congestion, problems of construction, sanitation, and maintenance of tenements, lodging houses, and cottages. The agencies of improved construction of dwellings — philanthropic, coöperative and governmental — will be treated, together with methods of residential and industrial decentralization. The function of health and building codes, taxation, land reform, city planning, in the regulation and improvement of housing conditions, will be examined in detail.

Source: Official Register of Harvard University, Vol. IX, No. 16 (May 10, 1912). Division of History, Government and Economics, 1912-13, p. 71.

Course Enrollment

[Social Ethics] 5 ¹hf. Dr. [James] FORD. — The Housing Problem.

Total 6: 1 Graduate, 3 Seniors, 1 Sophomore, 1 Other.

Source: Report of the President of Harvard College, 1912-1913, p. 62.

Mid-year Examination
SOCIAL ETHICS 5

State the arguments for and against the construction by philanthropic corporations of improved dwellings for the working classes. Under what conditions is the philanthropic construction of model tenements of net social advantage?
State the present provisions in the New York Tenement House Act designed to prevent lot congestion. Show in detail how these provisions are socially justifiable.
What do New York statistics show to be the most frequent places of origin of tenement house fires? How do such fires spread?
State the provisions (a) of the New York Tenement Act, (b) of the Massachusetts Tenement House Act for towns, which are designed to prevent such fires.
What are the sources of the gross business profits of British Copartnership Garden Suburbs? How are net profits distributed to tenant members?
What social advantage is there in the construction of homes for employees by employers of labor? What are the disadvantages of such a plan to the employer? To the employee? How can each disadvantage be obviated?
A criticism of Howard’s “Garden Cities of Tomorrow” :—
1. What parts of the scheme are impracticable?
2. What suggestions are practicable and of value?
Could housing conditions in American cities be improved by the application of local zone systems? What principles should govern the determination of zone boundaries?
What size and shape of lot would you advocate for the construction of suburban homes for wage-earners? Why?

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Social Ethics 6.
Social Amelioration in Europe

* 6 ²hf. Social Amelioration in Europe. — Lectures and prescribed reading. Half-course (second half-year). Mon., Wed., Fri., at 11. Dr. [Robert Franz] FOERSTER.

This course is mainly concerned with schemes of social amelioration that have so far been little considered in the United States. Remedial methods of dealing with poverty will be treated only incidentally. Chiefly the course will make a comparative study of the preventive and constructive measures, public and private, of several countries. After a brief consideration of the place of thrift institutions, unemployment and the important recent efforts to meet it will be discussed at some length. The experience of several countries in providing for the indigent in case of accident, sickness, invalidity, and old age will, in turn, be examined. The course will close with a study of recent developments of legislation governing conditions of labor.

Source: Official Register of Harvard University, Vol. IX, No. 16 (May 10, 1912). Division of History, Government and Economics, 1912-13, p. 71.

Course Enrollment

[Social Ethics] 6 ²hf. Dr. [Robert Franz] FOERSTER. — Social Amelioration in Europe.

Total 11: 3 Graduates, 4 Seniors, 1 Junior, 1 Sophomore, 2 Others.

Source: Report of the President of Harvard College, 1912-1913, p. 62.

Year-end Examination
SOCIAL ETHICS 6

So allot your time that you may answer all questions

Suppose that in a country of 250,000 workmen the number of unemployed persons has been, over a long period of years, never less than 10,000. How far could the amount of unemployment be reduced by the following remedies (applied individually)?
1. The erection of an industrial establishment by state authority, permitting the employment of 10,000 persons.
2. Such a reduction of the hours of labor by law as would result in an undiminished output, if 10,000 more persons were to be employed.
Point out the differences of the St. Gall and English schemes of unemployment insurance. Do these differences make for a difference of result?
Describe the German system of sickness insurance in its present form in respect of:
1. Source of financial support;
2. Organization and administration;
3. “Benefits” provided;
4. Arrangements with physicians.
What measures have the insurance authorities of Germany taken to reduce the extent of disease?
How far is the workmen’s insurance of Germany a burden upon industry and how far is it not?
“In Germany and other countries in which the system has been wholly or partly established, they [the socialists] work for the elimination of the workingmen’s contributions to the insurance funds on the theory that it is the duty of the state to insure the life and existence of the worker, without curtailing his wages for that purpose.” (Hillquit, “Socialism in theory and practice.”) What are the grounds of your own agreement or disagreement with the attitude of the socialists? How far does your knowledge of the instincts, as they are described by McDougall, affect your answer?
What system of labor exchanges do you regard as the best? Why?

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Social Ethics 7.
Rural Social Development

* 7 ²hf. Rural Social Development. — Lectures, prescribed reading, and thesis. Half-course (second half-year). Mon., Wed., Fri., at 10. Dr. [James] FORD.

This course will study the methods and results of rural social research. It will treat the social problems of rural communities — race composition, poverty, housing, health, recreation, labor, etc. The means of development of country life from without through “Back-to-the-Land” and other movements; and rural reconstruction from within through adaptation of existing local institutions, coöperative movements, and State activities will be considered.
The third hour of each week will be devoted to the discussion of prescribed reading or to direction of research.

Source: Official Register of Harvard University, Vol. IX, No. 16 (May 10, 1912). Division of History, Government and Economics, 1912-13, p. 72.

Course Enrollment

[Social Ethics] 7 ²hf. Dr. [James] FORD. — Rural Social Development.

Total 15: 1 Graduate, 10 Seniors, 2 Juniors, 1 Sophomore, 1 Other.

Source: Report of the President of Harvard College, 1912-1913, p. 62.

Year-End Examination
SOCIAL ETHICS 7

State in detail the possible sources of data for an exhaustive social survey of a New England rural township.
Outline (a) the causes, (b) the local results of the rural exodus. State carefully in how far the causes can be eliminated by conscious social policy?
Summarize the findings of the U. S. Immigration Commission with reference to the (a) economic status, (b) rapidity of assimilation, (c) contribution to community development, of immigrant farmers in the United States.
Discuss:
1. The conditions and results of marriage selection among the Hill Folk.
2. The value of early placing-out of children as a means of meeting the social problem of a degenerate community (illustrate from the Hill Folk).
What diseases may be transmitted through the farm water supply? State how each of the following may be contaminated: shallow wells; driven wells; cisterns. (Lipman “Bacteria,” and Ogden “Rural Hygiene.”)
What powers for health control in rural communities reside in the best equipped State Boards of Health? Should any of these powers be left with local health officials and not with the State? Give reasons. (Fairlie and Lectures.)
Name and classify the agencies of adult education in rural communities. Show the form and methods of university extension in rural communities, employed by State colleges of agriculture (especial reference to Massachusetts).
State in detail the (a) organization, (b) business methods, of co-operative associations for disposal of eggs. What specifically is the importance of such associations in the betterment of rural social conditions? (Wolff and Lectures.)

Image Source: Room 2 of the Harvard’s Social Museum. Francis G. Peabody, The Social Museum as an Instrument of University Teaching. Publications of the Department of Social Ethics in Harvard University, Number 4 (Cambridge, MA: 1911).

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Social Ethics à la Peabody
1888/89—1911/12

A short history of Harvard’s Department of Social Ethics through 1920.

Exam questions for late 19^th century versions of Francis Greenwood Peabody’s course on the Ethics of Social Reform have been transcribed and posted:

1888-1889; 1889-1890; 1890-1891; 1892-1893; 1893-1894; 1894-1895; 1895-1896.

Earlier 20th century course material:

1902-03. Listed as Philosophy 5. Taught by Peabody and Ireland.
1904-05. Listed as Philosophy 5 and Ethics 1. Taught by Peabody and Rogers.
1906-07. Taught by Peabody and Rogers.
1907-08. Taught by Peabody and Rogers.
1908-09. Taught by Peabody, McConnell, Ford and Foerster.
1909-10. Taught by Peabody, McConnell, Ford, and Foerster.
1910-11. Taught by Peabody, McConnell, Ford, Foerster, and Brackett. [complete set of social ethics exams]
1911-12. Taught by Peabody, McConnell, Ford, Foerster, and Brackett. [complete set of social ethics exams]

Tags Brackett, Foerster, FordJM, Peabody

Exam Questions Harvard Macroeconomics

Harvard. Final exam for Aggregate Economic Theory. Dorfman, 1962-1963

Post author By Irwin Collier
Post date 2026-10-05
No Comments on Harvard. Final exam for Aggregate Economic Theory. Dorfman, 1962-1963

“Macro-economics” was explicitly named in the course description for the Harvard undergraduate economics tutorial [Economics 98b] in 1962-63. For the next several years, no course even included “macroeconomics” in its title. Instead graduate students were taught “aggregate economic theory”, an early and one might argue more felicitous name than “macroeconomics”. In an earlier post the reading list for Robert Dorfman’s aggregate economic theory course has been transcribed. This post adds his final exam questions.

During the second term of 1958-1959 the same course content was taught by Dorfman as “Economics 241. Money and Banking”.

_________________________

Course Announcement

Economics 241. Aggregate Economic Theory

Half course (fall term). M., W., (F.), at 12. Professor Dorfman.

Source: Harvard University, Faculty of Arts and Sciences. Courses of Instruction for Harvard and Radcliffe, 1962-1963, p. 106.

_________________________

Course Final Examination

HARVARD UNIVERSITY
Department of Economics

Economics 241

Midyear Examination
January 30, 1963

Answer any THREE questions. Spend about an hour on each, and develop your discussion to corresponding fulness. In each answer include citations to the literature where relevant. Please write legibly. Indicate which questions you answered on the cover of your first book.

Among the simplifying assumptions made by Keynes are:
1. The rate of interest does not enter into the consumption function,
2. The level of income does not enter into the marginal efficiency of capital function,
3. The level of income does not enter into the liquidity preference function.

Discuss the consequences of relaxing these assumptions, singly and in combination, for the equilibrium analysis and stability of an economy that can be described by a Keynesian-type model.

It is sometimes argued that the Keynesian theory is nothing but a classical theory where price-rigidities are permitted in certain markets and where the velocity of money circulation depends on the rate of interest. Defend or refute this position.
Compare the Swedish theory of the cumulative process, as expounded by Wicksell or Ohlin, with Harrod’s explanation of dynamic instability. Bring out the elements common to the two theories as well as the contrasts between them.
One of Gurley and Shaw’s main conclusions is that if a central bank “stipulates not only the nominal reserves of commercial banks but the reserve-balance as well … [it will be] able to regulate creation of nominal money and the price level. Nominal money, nominal bonds, and money prices of goods and labor are now determinate.” (pp. 261-262) Sketch their model and the argument leading to this conclusion.
Appraise the importance of the interest rate as a determinant of (a) the level of investment and (b) the level of employment.

Source: Harvard University Archives. Final Examinations. January 1963. Social Sciences. (HUC 700.28, No. 144 of 284).

Image Source: See the 27 June 2002 Boston Globe obituary for Robert Dorfman.

Tags DorfmanR

Exam Questions Harvard Macroeconomics Microeconomics Theory

Harvard. Graduate General Exams in Micro- and Macro-Theory. Fall 1993

Post author By Irwin Collier
Post date 2026-09-30
No Comments on Harvard. Graduate General Exams in Micro- and Macro-Theory. Fall 1993

The following general examination for macroeconomic theory (Spring 1993) has been transcribed from a collection of general exams at Harvard from the 1990s provided to Economics in the Rear-view Mirror by Abigail Waggoner Wozniak (Harvard economics Ph.D., 2005). Abigail Wozniak was an associate professor of economics at Notre Dame before being appointed a senior research economist and the first director of the Federal Reserve Bank of Minneapolis’ Opportunity & Inclusive Growth Institute. She is currently Vice-President of the Federal Reserve Bank of Minneapolis.

Economics in the Rear-view Mirror is most grateful for her generosity in sharing this valuable material.

Because the “Wozniak collection” is over 90 pages long, it will take time for all the exams to get transcribed. To date the following general examinations have been transcribed and posted:

Spring 1991
Microeconomics; Macroeconomics

Spring 1992
Micro- and Macroeconomics

Fall 1992
Micro- and Macroeconomics

Spring 1993
Microeconomics; Macroeconomics

_________________________

HARVARD UNIVERSITY
DEPARTMENT OF ECONOMICS

GENERAL EXAMINATION
IN MICROECONOMIC THEORY
FALL 1993

Instructions:

You have FOUR hours.

Answer a total of FOUR questions, subject to the following constraints:

You must answer questions 1, 2, and 3. You must answer either question 4 or 5 (but not both).

Please use a separate blue book for each question.

Please put only your exam number on the blue book.

Good luck!

1. Indirect Utility (20 points)

This is a question on the indifference map of indirect utility functions.

There are two commodities. The utility function is $U(x_1, x_2)$ . Wealth is normalized to $w=1$ , so that the indirect utility function has the form $V(p_1, p_2)$ .

Assume that $U(x_1, x_2)$ is continuous and increasing in both arguments.

a) Draw an indifference map of the indirect utility function. Be sure that the axes are properly labelled, that the indifference curves have the proper shape and that the direction of increasing preference is clearly marked. (5 points)

b) Argue that if the utility function $U(x_1, x_2)$ is not quasi-concave then some indirect indifference curve will exhibit a kink. (5 points)

c) Suppose that an indifference curve of the indirect utility function has a piece that is a straight line. What does this correspond to in the direct utility function? Why? (5 points)

d) Consider the slope of an indifference curve of the indirect utility function. Interpret it in terms of the demand function. Justify your answer. (5 points)

2. (20 points)

Consider an industry in which there are two firms: an incumbent and a potential entrant. In each of two periods, total inverse demand in the industry is given by

$p = 5 - Q,$

where $Q$ is total output. The incumbent’s marginal cost of production $c_I$ can either be “high” ( $c_I = 2$ ) or “low” ( $c_I = 1$ ). The incumbent knows the value of $c_I$ , but the potential entrant knows only that the two values each have a 50% probability ex ante. In the first period, the incumbent chooses an output level $q_{I1}$ . The entrant can observe $q_{I1}$ (but not the incumbent’s profit). In the second period the two firms choose quantities $q_{I2}$ and $q_{E2}$ simultaneously. The entrant’s marginal cost $c_E$ is 2. In addition, if the entrant chooses $q_{E2} > 0$ , it incurs an “entry” cost of $\frac{1}{2}$ . The two firms each maximize their (expected) profits (the incumbent maximizes the expected sum of its first- and second-period profits). The model and all its parameters are common knowledge (the value of $c_I$ is not common knowledge, but the fifty-fifty prior distribution on 1 and 2 is common knowledge).

A. Suppose that the entrant concludes, after observing $q_{I1}$ , that the incumbent’s costs are low (i.e., the entrant attaches posterior probability 1 to $c_I = 1$ ). Show that, in this case, the entrant will not enter. That is, show that $q_{E2} = 0$ in the unique continuation equilibrium starting in period 2. What are the incumbent’s second-period output and profit in this continuation equilibrium?

B. Suppose that the entrant concludes, after observing $q_{I1}$ , that the incumbent’s costs are high ( $c_I = 2$ ). Show that, in this case, the entrant will enter, i.e., choose $q_{E2} > 0$ , in equilibrium. Find the second-period continuation equilibrium outputs and profits for both firms.

C. Using the results from parts (A) and (B), show that there exists a “separating” perfect Bayesian equilibrium for the two-period model in which (i) the incumbent chooses a “small” value of $q_{I1}$ if $c_I = 2$ and a “big” value if $c_I = 1$ , and (ii) the entrant enters if and only if $q_{I1}$ was small. In particular, show that $q_{I1}$ is at the high-cost monopoly level if $c_I = 2$ but strictly above the low-cost monopoly level if $c_I = 1$ .

3. Gross Substitute Excess Demand (20 points)

Consider an excess demand system $(f_1(p_1,\ldots,p_{L-1}),\ldots,f_{L-1}(p_1,\ldots,p_{L-1}))$ . There is an Lth commodity for which price is 1 and for which demand is not explicitly recorded.

a) How would you determine the demand for the Lth commodity? (5 points)

b) Suppose that the excess demand system for all L commodities satisfies the gross substitute property (when the price of a single commodity goes up the excess demand of each of the other commodities increases). Argue that the competitive equilibrium is then unique. (5 points)

c) Suppose that the excess demand functions for all L commodities are differentiable and that as in (b) the gross substitute property holds. What is the sign pattern induced in the Jacobian matrix of price effects? (5 points)

d) Suppose that the excess demand functions for all L commodities are differentiable and satisfy the gross substitute property. Suppose now that there is a shock (if this is helpful you can limit yourself to a small shock) the effect of which is to decrease the demand for commodities 1 to L−1 at every vector of prices. What should be the effect of this shock on the equilibrium prices of commodities 1 to L−1? Give a justification of your answer which is as rigorous as possible. (5 points)

Part IV:
Answer ONE of the following two questions:

4. Suppose there is another energy shock and the world-market price of oil goes from its present price of under $20 per barrel to $100. Analyze the short and long term effects on growth and distribution from neoclassical, Marxian, and Keynesian perspectives on the simplifying assumption that all energy is imported at the world-market price.

5. Milton Friedman has argued (“The Methodology of Positive Economics”) that a theory should be judged not on the realism of its assumptions, but on its predictive power. What are the principal criticisms of Friedman’s view? How might Friedman respond to the criticisms?

_________________________

HARVARD UNIVERSITY
DEPARTMENT OF ECONOMICS

GENERAL EXAMINATION
IN MACROECONOMIC THEORY
FALL 1993

Instructions:

You have FOUR hours.

You will answer a total of SIX questions from four sections of the exam:

In section I, you must answer the one question given.
In section II, answer both questions.
In section III, answer one of the two questions.
In section IV, answer two of the three questions.

Please use a separate blue book for each question.

Please put only your exam number on the blue book.

Good luck!

PART I:

1. Suppose that each household-producer has the production function,

$Y_i = AK_i \cdot (G/Y)^{\alpha},$

where $A>0$ , $0<\alpha<1$ . $Y_i$ and $K_i$ are the ith producer’s output and capital stock, respectively, G is the total of government purchases and public services, and Y is aggregate output. The output of all producers is identical and can be used on a one-for-one basis for consumption, investment, or government services. Each household seeks to maximize utility, given by the standard Ramsey expression,

$\displaystyle U = \int_0^{\infty} \left(\frac{c^{1-\theta}-1}{1-\theta}\right) e^{-\rho t}\,dt,$

where $\theta>0$ , $\rho>0$ , and c is consumption per person. The economy is closed, depreciation and population growth are zero, and no technological change occurs. The government finances its purchases by a proportional tax on output at the rate $\tau$ :

$G = \tau Y,$

where $\tau$ is constant over time.

a. What is the growth rate of $Y$ ? Does the model exhibit a convergence property? Why or why not?

b. How does the growth rate depend on $\tau$ ? What condition holds if $\tau$ is chosen to maximize the growth rate?

c. Are the outcomes Pareto optimal if $\tau$ is set to maximize the growth rate? How does this result relate to the usual view that lump-sum taxation is superior to proportional taxation?

PART II:
Answer BOTH questions:

2.—

a.) Under what assumptions does the permanent income hypothesis predict that consumption should follow a random walk?

b.) Derive explicitly the random walk of result (a).

c.) Discuss briefly what you know about the empirical evidence on the random walk.

d.) Consider a pre-announced future temporary tax cut. What are the effects on consumption of this policy before, during, and after the tax cut? Consider the cases of: (1) the life cycle model; (2) the life cycle model with bequests, (3) the Keynesian consumption function; (4) a life cycle model with liquidity constraints.

3. Consider a monopolistic trade union, that can unilaterally set the nominal wage. The union’s utility function is:

$\displaystyle U = \left(\frac{w}{p}\right)^{\frac{1}{2}} + \beta N$

Where: w is the nominal wage
p is the price level
N is employment
and $\beta>0$ is a parameter.

$\displaystyle N = n_0 - \alpha\frac{w}{p},$

where $n_0>0$ and $\alpha>0$ are parameters

1) Suppose first that p is fixed, and compute what is the nominal wage chosen by the union.

2) Suppose that a monetary authority can influence the price level with monetary policy, and suppose that the union can change the nominal wage at any time but with a small cost; that is, any change in the nominal wage has a very small administrative cost for the union. Discuss the effects of monetary policy in this model.

PART III:
Answer ONE of the following two questions:

4. Consider the case of a central bank conducting monetary policy in a standard fractional reserve banking system. The central bank can set either the short-term interest rate or the quantity of bank reserves (but not both simultaneously) to whatever level is chosen. What factors determine the central bank’s optimal choice of which one to set, under each of the following sets of circumstances?

(a) The central bank is trying to come as close as possible to hitting a target for the money stock (defined as public holdings of bank deposits).

(b) The central bank is trying to come as close as possible to hitting a target for real output.

In answering each part, show explicitly what difference (if any) it makes whether the economy is subject to aggregate supply shocks or whether demand-type disturbances are the only ones the economy faces.

5. Under what conditions can a central bank’s prior announcements of its policy actions influence the macroeconomic effect of those actions? If the central bank is free to conduct a politically independent monetary policy, what determines whether it will then actually implement the actions it has announced? Be explicit about the assumptions on which your answer relies.

PART IV:
Answer TWO of the following THREE questions:

6. Consider an unemployed worker searching for work. Each period she draws a wage offer w from a distribution $F(w)$ . Assume that there are no quits or layoffs so once the worker accepts a job, she works at it forever. Assume that wages in future periods are discounted by $\beta$ .

(a) Write a Bellman equation that characterizes the value of an optimal search policy given a current offer of w.

(b) The optimal policy is to set a reservation wage. Explain what this means and write an equation that implicitly defines the reservation wage.

(c) Suppose that the worker only receives a wage offer with probability $\phi$ each period. Explain in words or equations what happens to the reservation wage and why?

(d) Suppose that the worker receives two wage offers each period. Explain in words or equations what happens to the reservation wage and why?

7. Consider the following open economy macroeconomic model

(1) $Y = f(K, L)$
(2) $W/P = f_L$
(3) $Y = C(Y) + G + NX(e, Y)$
(4) $e = EP^*/P$
(5) $M/P = L(Y)$

Where asterisks denote foreign variables, NX is net exports, E is the nominal exchange rate and all other variables have their usual interpretations.

(a) What is the sign of $\partial NX/\partial e$ ? Explain.

(b) Suppose that workers and firms set nominal wage contracts:

$W = \bar{W}$

What is the effect of a change in $M$ or in $G$ on $Y$ ?

$W = \bar{w}P^{\alpha}(EP^*)^{1-\alpha}$

What is the effect of a change in $M$ or in $G$ on $Y$ ?

8. Suppose that price in a market is initially equal to zero, but is expected to rise linearly with time:

$p(t) = \alpha t.$

Suppose that you have a machine that costs k to install and once installed produces a unit flow of output. Time is continuous and the date zero present value of a dollar at date t is $e^{-rt}$ .

(a) At what date t should you have the machine installed in order to maximize profits?

(b) What is the present value of profits at the optimal time of investment?

(c) What is the value of Tobin’s Q at the optimal time of investment? What did Tobin argue should be the relationship between Q and investment? Speculate about what is special about the case considered here.

Source: Department of Economics, Harvard University. Past General Exams, Spring 1991-Spring 1999, pp. 84-88. Private copy of Abigail Waggoner Wozniak.

Image Source: Harvard University Economics PhD graduates from May 2025.

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Exam Questions Johns Hopkins Undergraduate

Johns Hopkins. Final exams for undergraduate economics courses. 1911-1912

Post author By Irwin Collier
Post date 2026-09-25
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Six semester courses in political economy was Johns Hopkins University’s entire offerings for undergraduates interested in the field of economics in 1911-12.

_____________________________

Instructors of Political Economy
(Undergraduate)

JACOB H. HOLLANDER, Ph. D., Professor of Political Economy. A.B., Johns Hopkins University, 1891, Fellow, 1893-94, and Ph.D., 1894. Treasurer of the Island of Porto Rico, 1900-01; Special Commissioner Plenipotentiary to Santo Domingo, 1905-06; Financial Adviser of the Dominican Republic, 1908-10.

GEORGE ERNEST BARNETT, Professor of Statistics. A.B., Randolph-Macon College, 1891; Fellow, Johns Hopkins University, 1899-1900, and Ph.D., 1901.

_____________________________

UNDERGRADUATE COURSES

Political Economy 1.

[Political Economy 1 is required to later attend Polical Economy 2 and 3.]

(a) Economic History. The economic development of England from the tenth century to the present time and the most important experiences of the United States are studied.

Three hours weekly, first half-year.
Professor BARNETT.

(b) Elements of Economics. Particular attention is given to the theory of distribution and its application to leading economic problems.

Three hours weekly, second half-year.
Professor BARNETT.

Political Economy 2.

[Undergraduate Course 2 is open only to such students as have completed Course 1]

(a) Finance. The theory and practice of finance are considered, with particular reference to problems of taxation as presented in the experience of the United States.

Three hours weekly, first half-year.
Professor HOLLANDER.

(b) Money and Banking. The principles of monetary science are taught with reference to practical conditions in modern systems of currency, banking, and credit.

Three hours weekly, second half-year.
Professor BARNETT.

Political Economy 3.

[Save under exceptional circumstances, Course 3 only to students who have completed 1 and 2.]

(a) Statistical Methods. After a preliminary study of the value and place of statistics as an instrument of investigation, attention is directed to the chief methods used in statistical inquiry.

Three hours weekly, first half-year.
Professor BARNETT.

(b) Economic Theory. Critical study is made of recent economic theories.

Three hours weekly, second half-year.
Professor HOLLANDER.

Source: Programmes of Courses. Published in The Johns Hopkins University Circular, New Series, 1911, No. 6 (June 1911) Whole Number, 236.

____________________________

[December, 1911.]

POLITICAL ECONOMY I [a].

Distinguish the one-field, two-field and three-field systems of agriculture.
Describe the government of the craft guild in the fourteenth century.
Discuss the growth of capitalism and its influence on the concept of usury.
Describe the craft guild stage of industry and distinguish it from succeeding and preceding stages.
What economic effects are traceable to the Black Death?
What place did Fairs fill in the organization of economic life in the fifteenth century?
What is meant by an economic unit?
Describe the chief economic institutions which have their origin in the seventeenth century.
Describe the chief mechanical inventions from 1738 to 1790.
What relation is there between the extent or width of the economic unit and the form of industrial organization?

____________________________

[March, 1912.]

POLITICAL ECONOMY I [b].

How far is saving economically justifiable?
What are the advantages of the corporation as a form of business organization?
Define elasticity of demand. Draw and explain two demand curves, one representing an elastic and one an inelastic demand.
Is it correct to say that the demand for a commodity is greater than the supply?
Explain what is meant by consumers’ surplus. Illustrate by a diagram.
Under what circumstances would monopoly price be less than competitive price?
Define cost of production. Under what conditions does the value of a commodity tend to equal its cost of production.
State and illustrate the economic laws relating to (a) the size of the business unit and (b) the proportion of the factors of production.

____________________________

[June, 1912]

POLITICAL ECONOMY I [b].

Trace the attachment of the entrepreneurial function through the different economic stages.
At what period in economic evolution did capital become a claimant in distribution?
What is the “principle of marginal productivity?” Explain the relation of this principle to the law of diminishing returns.
Explain what is meant by the “marginal laborer.” Distinguish the marginal laborer and the marginal unit of labor.
What is meant by “the differential principle?” Show to what parts of the theory of distribution this principle is applicable.
Discuss the arguments for and against the single tax.
What effect does the invention of machinery have on the rate of interest?
Distinguish between the “annual product” and the “annual social dividend.”
Distinguish competitive and monopoly profits.
Would a tax on the value of agricultural land raise the price of farm products?

____________________________

December 16, 1911.

POLITICAL ECONOMY II [a].

The scope of Public Finance, as a study, and its relation to the science of Political Economy.
In what particulars does the economy of the state differ from the economy of the individual?
What policy should influence the distribution of public expenditure upon education between central and local government?
Show the importance of economic or quasi-private receipts as a source of revenue to the federal government in the United States and in Germany respectively.
State the arguments for and against (a) proportional, and (b) progressive taxation.
Discuss the merits and demerits of the taxation of incomes.
Discuss the incidence of an excise tax on manufactured tobacco (cigars and cigarettes).

____________________________

[March, 1912]

POLITICAL ECONOMY II [b].

Discuss the physical characteristics of a good medium of exchange.
Under what circumstances does bad money drive out good money?
What evils flow from instability in the value of the medium of exchange?
State the quantity theory of money.
Discuss Professor Scott’s objections to this theory.
Explain the compensatory action of the bimetallic system. Illustrate by a series of diagrams.

____________________________

[June 1912]

POLITICAL ECONOMY II [b].

What is the “unearned increment tax” and how can it be used in American municipal finance?
What is the incidence of the high license tax on saloons in Baltimore City?
Define money. Is a bank check money?
Would it be possible to have a monetary system under which fluctuations in prices would not occur?
Describe the governmental organization of the Bank of France.
What advantages are there in a system of branch banks?
What is the purpose of a bank reserve? Under what circumstances would a bank need no reserve?
Compare the bank note circulation in the United States and France.
Compare the methods used by the Bank of England and the Bank of France for the protection of their reserves against foreign drain.
Explain the method by which in an emergency the Bank of England brings the market rate up to the bank rate? Why does it do this?

____________________________

[December, 1911.]

POLITICAL ECONOMY III [a].

What is the distinction between cause and chance?
What is a “crude” death rate? Explain in detail how the standard death rate is obtained.
What is meant by a “measure of dispersion?” What is the most usual one?
Define the field of investigation in which the statistical method is useful.
Under what circumstances is the geometric mean a useful form of average?
Define percentile, quartile, mode and arithmetic mean.
Explain the two chief methods of gathering statistical information. Under what circumstances may each be properly used?
Explain the theory of weighting.

____________________________

Note: no March 1912 examination for Political Economy III was found in the collection of examination

____________________________

May 31, 1912.

FINAL EXAMINATION
IN POLITICAL ECONOMY III.

What has been the relation of statistical science to the development of insurance?
What is the relation of statistics to economics?
Discuss the economies incident to large scale production.
What are the economic services, if any, of speculation?
Monopoly value and the law which governs it.
What defects in our national banking system might a central banking institution, of the European type, be expected to remedy?
Discuss the theory of international trade.
What is the function of the entrepreneur and what principle determines his share in distribution?

Source for the examination questions: The Johns Hopkins University, Eisenhower Library. Ferdinand Hamburger, Jr. Archives. Department of Political Economy. Series 5/6. Box 6/1. Folder “Exams, 1907-1924”.

Image Source: Johns Hopkins University seal on the floor of Gilman Hall, on the Johns Hopkins University campus in Baltimore, Maryland. Library of Congress Prints and Photographs Division Washington, D.C.

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Agricultural Economics Exam Questions Harvard

Harvard. Agricultural economics. Description, enrollment, final exam. Carver, 1912-1913

Post author By Irwin Collier
Post date 2026-09-21
No Comments on Harvard. Agricultural economics. Description, enrollment, final exam. Carver, 1912-1913

The American Farmer by Carl Wuermer (1930)

In 1911 Harvard economics professor Thomas Nixon Carver published a textbook Principles of Rural Economics that undoubtedly encompassed the content of his course on agricutural economics first taught in 1903-04. Somewhat unusually his book is prefaced with an eight page bibliography.

________________________

Carver’s Earlier Courses
on Agricultural Economics

Links to earlier course material for agricultural economics at Harvard, 1903-04 through 1911-12.

_______________________

ECONOMICS 32
Course Description
1912-13

[Economics] 32 ²hf (formerly 23 ²hf). Economics of Agriculture, with special reference to American conditions. Half-course (second half-year). Tu., Th., and (at the pleasure of the instructor) Sat., at 9. Professor Carver.

A study of the relation of agriculture to the whole industrial system, the relative importance of rural and urban economics, the conditions of rural life in different parts of the United States, the forms of land tenure and methods of rent payment, the comparative merits of large and small holdings, the status and wages of farm labor, the influence of farm machinery, farmers’ organizations, the marketing and distribution of farm products, agricultural credit, the policy of the government toward agriculture, and the probable future of American agriculture.

Source: Harvard University. Division of History, Government, and Economics, Courses of Instruction, 1912–13, p. 67.

_______________________

ECONOMICS 32
Course Enrollment
1912-13

[Economics] 32 ²hf (formerly 23 ²hf). Professor Carver. — Economics of Agriculture, with special reference to American conditions.

Total 11: 8 Graduates; 2 Seniors; 1 Junior.

Source: Harvard University. Reports of the President and the Treasurer of Harvard College, 1912-13, p. 58.

_______________________

ECONOMICS 32
Year-end Examination
1912-13

What are some of the larger characteristics which distinguish rural from urban life?
Where would you draw the line between large scale and medium scale, and between medium scale and small scale farming, and what are the principal advantages and disadvantages of each?
Exactly what is the distinction between intensive and extensive farming, and what are the advantages and disadvantages of each?
To what system of culture does the horse as a draft animal belong, and what are some of the characteristics of that system?
Where do we find the larger percentage of tenancy in this country, where land is highly productive or where its productivity is low? How would you explain the situation?
Give your ideas as to the function of the middle-man, and to what extent and how that function may be performed by the farmers themselves.
What are the advantages of diversified farming as compared with specialized farming?
Give your ideas as to how country life may be made more attractive to men and women of education and culture.

Source: Harvard University Examinations. Papers set for final examinations in history, history of science, government, economics, philosophy, social ethics, education, fine arts, music in Harvard College (June 1913), p. 56.

Image Source: The American Farmer by Carl Wuermer (1930) at the Wichita Art Museum website.

________________________

Earlier material

ca. 1904 Problem set
1903-04 Final exam
1905-06 Final exam
1908-09 Description, enrollment, final exam
1910-11 Description, enrollment, final exam
1911-12 Description, enrollment, final exam

Tags Carver

Development Exam Questions Harvard

Harvard. Economy of Latin America. Syllabus, Readings, Final Exam. Clague, 1965-1966

Post author By Irwin Collier
Post date 2026-09-15
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Father Ewan Clague and Son Christopher Clague

In preparing this post that features course materials from the second term of the 1965-66 academic year at Harvard for Christopher K. Clague’s “Economy of Latin America”, I ran across obituaries for his distinguished parents, Ewan Clague (Ph.D. Wisconsin, 1929. Thesis: Theory and Measurement of Physical Productivity, major professors Commons & Jerome) and Dorothy V. Whipple (M.D. Johns Hopkins, 1929. Pediatrician, syndicated columnist). Not only was Christopher Clague’s father a trained economist, he also served as the sixth Commissioner of the Bureau of Labor Statistics under Presidents Truman, Eisenhower, Kennedy, and Johnson. I have appended short bios for his mother and father as well as for his wife, Harvard trained political scientist, Monique F. Clague (Weston).

But the top of the post is reserved for a brief c.v. of Christopher Karran Clague, Harvard Ph.D. alumnus (1966). Following the stations of his distinguished career, Economics in the Rear-view Mirror provides transcribed copies of his course outline, assigned readings and final examination.

_______________________

Christopher Karran Clague

1938. Born May 28 in Washington, D.C. Parents: Ewan Clague and Dorothy Vermilya Whipple.

Graduate of St. Alban’s School in Bridgeport, Ct.

1960. B.A. in political science (honors), magna cum laude, Swarthmore College. Phi Beta Kappa, Senior Class President.

1960. Married Monique Françoise Weston, June 9 in Cleveland, Ohio.

1966. Ph.D. in Economics. Harvard University. Thesis “Economic Efficiency in Peru and the United States.”

1965-67. Instructor in Economics. Harvard University.

1967-68. Senior staff economist. Council of Economic Advisers, Washington, D.C.

1968-71. Assistant Professor. University of Maryland.

1971-79. Associate Professor. University of Maryland.

1974-75. Visiting professor at Boston University’s Center for Latin American Development Studies.

1979-. Professor of Economics. University of Maryland [now emeritus]

1983. Visiting Professor at the University of California, Berkeley.

1983-89. National Bureau of Economic Research, member of executive committee, Conference on Research in Income and Wealth.

1990. Visiting Professor at the University of Hawaii at Manoa.

1990. Visiting Professor at the University of Nottingham.

_______________________

Economic 116.
The Economy of Latin America

Dr. Christopher Clague
Harvard University

Course Outline.

International Trade and Economic Development
Case Studies: Argentina, Uruguay, Venezuela.
Capital Accumulation; Social and Political Factors; Economic Policy: The Price Mechanism versus Direct Controls.
Case Studies: Chile, Brazil.
Agriculture in Economic Development; Land Reform
Case Studies: Mexico, Bolivia, Peru, Colombia.
Inflation

Suggested Purchases. The number of pages to be read in each book is given in parentheses.

Gerald M. Maier, Leading Issues in Development Economics. New York: Oxford University Press, 1964. (63 pages)
John J. Johnson, Political Change in Latin America. Stanford, California: Stanford University Press, 1961. (135 pages)
Martin C. Needler, editor, Political Systems of Latin America. Princeton, New Jersey: D. Van Nostrand Company, 1964. (Chapters on Colombia, Peru, Bolivia, Argentina, Uruguay. 145 pages.)
Edwin Lieuwen, Venezuela. 2nd Edition revised. New York: Oxford University Press, 1965 (122 pages)
A. O. Hirschman, Journeys Toward Progress. New York: Doubleday and Company (Anchor Books, paperback), 1965. (Chapters on Colombia and Chile. 168 pages).
Celso Furtado, The Economic Growth of Brazil. Los Angeles: University of California Press, 1963. (152 pages).
Theodore W. Schultz, Transforming Traditional Agriculture. New Haven: Yale University Press, 1964. (110 pages).
Albert O. Hirschman, editor, Latin American Issues. New York: Twentieth Century Fund, 1961. (paperback). (83 pages).
Lester R. Brown, Increasing World Food Output, Foreign Agricultural Economic Report No. 25, U.S. Department of Agriculture, Economic Research Service, Foreign Regional Analysis Division, April 1965. (Can be purchased from: Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. Price $.45) (115 pages).

International Trade and Economic Development
1. The Contribution of Trade to Development
  1. — Meier, Leading Issues:
    — G. Haberler, “Dynamic Benefits of Trade”, pp. 352-358
    — R. Nurkse, “Patterns of Trade and Development”, pp. 358-363
    — A. Cairncross, “Contribution of Trade to Development”, pp. 363-371
    — R. Prebisch, “Center and Periphery”, pp. 339-344
    — G. Meier, “The Carry-Over Problem”, pp. 371-376
  2. — G. Haberler, “Terms of Trade and Economic Development”, in Howard S. Ellis, Economic Development for Latin America, pp. 275-297
2. Case Studies of Trade and Development
  1. Argentina
    — Johnson, Political Change, Chapter 6.
    — J. Barager, “Argentina” in Needler, Political Systems.
    — A. Smithies, “Argentina and Australia”, American Economic Association Papers and Proceedings, May 1965, pp. 17-30.
    — S. Mosk, “Latin America and the World Economy, 1850-1914”, Inter-American Economic Affairs. (Hereinafter referred to as IEA), Winter 1948, pp. 53-82.

Suggested:
— UN, ECLA, Analyses and Projections of Economic Development: The Economic Development of Argentina.
— Arthur Whitaker, The U.S. and Argentina
— Aldo Ferrer, La Economia Argentina
— J. Black, “Observations on the Agriculture of Argentina”, Journal of Farm Economics, May 1957, pp. 468-477,

1. 1. Uruguay
    — Johnson, Chapter 4.
    — G. Lindahl, “Uruguay” in Needler.

1. 1. Venezuela
    — E. Lieuwen, Venezuela (1965 Edition), pp. 64-163, 177-200.

1. 1. Peru in the Guano Age
    — Jonathan V. Levin, The Export Economies, pp. 1-48, 77-91, 108-123.

Capital Accumulation and Growth; Social and Political Policy: Price Mechanism versus Direct Controls.
1. The Big-Push Theory
  1. — Meier, Leading Issues:
    — P. Rosenstein-Rodan, “The Theory of the ‘Big-Push,'” pp. 431-436.
    — R. Nurkse, “Balanced Growth”, pp. 250-254.
    — A. Hirschman, “Balanced Growth: A Critique”, pp. 254-259.

Suggested:
— E. Hagen, On the Theory of Social Change, Chapter 3, pp. 36-52.

1. Political Obstacles to Growth
  1. — Paul Baran, “On the Political Economy of Backwardness”, in Agarwala and Singh, The Economics of Underdevelopment, pp. 75-93 (orginally in The Manchester School, January, 1952).
2. Economic Policy: Price Mechanism versus Direct Controls
  1. — Meier, Leading Issues:
    — P. Rosenstein-Rodan, “The Flaw in the Mechanism of Market Forces”, pp. 416-18.
    — H. Johnson, “The Market Mechanism as an Instrument of Development”, pp. 425-431
    — G. Meier, “Import Substitution and Industrial Protection”, pp. 297-304.

1. 1. — T. Balogh, “Economic Policy and the Price System”, Economic Bulletin for Latin America, March 1961.
  2. — W. Baer, “The Economics of Prebisch and ECLA”, Economic Development and Cultural Change, January 1962, pp. 169-182 (hereinafter referred to as EDCC.)

Suggested:
— J. Marshall, “Exchange Controls and Economic Development”, in H. Ellis, ed., Economic Development, pp. 430-451; also comment by Hirschman, pp. 457-465.

1. Case Studies:
  1. Chile
    — Johnson, Chapter 5.
    — David Felix, “Chile” in Adamantios Pepelasis et al, Economic Development, pp. 288-323.
    — Eric Baklanoff, “Chilean Experience with Multiple Exchange Rates”, IEA, Summer, 1959.
    — A. Hirschman, Journeys Toward Progress, Chapter 3, pp. 215-293.

Suggested:
— P. T. Ellsworth, Chile, An Economy in Transition (1945)
— Ernst Halperin, Nationalism and Communism in Chile (1965).

— See also the section on Inflation.

1. 1. Brazil
    — Johnson, Chapter 8.
    — H. Spiegel, “Brazil: The State and Economic Growth”, in Simon Kuznets et al, editors, Economic Growth: Brazil, India, Japan.
    — Celso Furtado, The Economic Growth of Brazil, pp. 97-249

Suggested:
— Other articles on Brazil in the volume edited by Kuznets.
— W. Baer, Industrialization and Economic Growth in Brazil (1965).
— W. Baer, “Regional Inequality and Economic Growth in Brazil”, EDCC, April 1964.

The Role of Agriculture; Land Reform
1. Agriculture and Economic Development
  1. — T. W. Schultz, Transforming Traditional Agriculture, pp. 1-110.
  2. — Johnston and Mellor, “The Role of Agriculture in Economic Development”, American Economic Review, September 1961, pp. 566-591.
  3. — J. Mellor, “The Process of Agricultural Development in Low-Income Countries”, Journal of Farm Economics, August 1962, pp. 700-17.
  4. — Thomas Carroll, “The Land Reform Issue in Latin America”, in Hirschman, Latin American Issues, pp. 161-200.
  5. — Lester Brown, Increasing World Food Output, pp. 1-115
2. Case Studies
  1. Mexico
    — Johnson, Chapter 7.
    — Robert Edminster, “Mexico”, in Adamantios Pepelasis, Economic Development, pp. 326-364.
    — Raymond Vernon, The Dilemma of Mexico’s Development, Chapters 1-4; Chap. 7.
    — Richard Parks, “The Role of Agriculture in Mexican Economic Development”, IEA, Summer 1964.

Suggested:
— A. Sturmthal, “Economic Development, Income Distribution, and Capital Formation in Mexico”, Journal of Political Economy, June 1955.
— R. Scott, Mexican Government in Transition, esp. pp. 56-95.

1. 1. Bolivia
    — Robert Alexander, “Bolivia”, in Needler

Suggested:
— Richard Patch, “Bolivia: U.S. Assistance in a Revolutionary Setting”, in Council on Foreign Relations, Social Change in Latin America Today, pp. 108-176

1. 1. Peru
    — Rosendo Gomez, “Peru”, in Needler
    — Allan Holmberg, “Changing Community Attitudes and Values in Peru: A Case Study in Guided Change” in Social Change (see reference under Bolivia), pp. 63-107.

1. 1. Colombia
    — J. Martz, “Colombia”, in Needler
    — A. Hirschman, Journeys Toward Progress, Chapter 2, pp. 131-214.

Suggested:
— V. L. Fluharty, Dance of the Millions, 1930-1956.
— J. D. Martz, Colombia, A Contemporary Political Survey.
— Everett Hagen, On the Theory of Social Change, Chapter 15 (on Colombia), pp. 353-385.
— UN, ECLA, Analyses and Projections of Economic Development, III. The Economic Development of Colombia (1957).

Inflation
1. Causal Theory of Inflation: Structuralists and Monetarists
  1. — Hirschman, Latin American Issues: articles by Felix and Grumwald, pp. 95-125.
  2. — Meier, Leading Issues: R. Prebisch, pp. 207-210.
2. The Effects of Inflation and How to Combat It
  1. — Meier, Leading Issues:
    ECAFE, “Inflation and Capital Formation”, pp. 170-174.
  2. — W. Baer, “Inflation and Growth in Brazil”, EDCC, October 1962, pp. 85-97.
  3. — E. Bernstein and I. Patel, “Inflation in Relation to Economic Development”, IMF Staff Papers, November 1952.
  4. — R. Campos, “Inflation and Balanced Growth” in H. Ellis, ed., Economic Development, pp. 82-103.
  5. — G. Dorrance, “The Effect of Inflation on Economic Development”, IMF Staff Papers, March 1963, pp. 1-44.
  6. — D. Felix, “A Critical Appraisal of the Monetarist-Structuralist Controversy”, in W. Baer and I. Kerstenetsky, editors, Inflation and Economic Growth, pp. 370-385. (Do not bother with the last part of the article.)

Suggested:
Other articles in the volume edited by Baer and Kerstenetsky.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 9. Folder “Economics, 1965-1966 (1 of 2)”.

_______________________

Final Examination
Economics 116

June 4, 1966
Dr. Clague

Answer four questions. Select one from each part. (Those who have written papers may select four questions either from Parts I, II, and III, or from Parts I, II, and IV.)

I.

Discuss one of the articles in the Reading Period assignment. Pick an article that you found especially interesting or significant.
Add your own comments on the issue the author discusses.
Which do you think are the most important valid arguments for tariff protection of industry in Latin American countries? Explain each argument in enough detail to make it evident that you understand it.

II.

What are the obstacles to Chile’s exporting manufacturing products? Why might such exports be important for future economic growth?
Discuss the Baran thesis in relation to Chile and Brazil in the twentieth century. To which country is it more applicable? How have political alignments affected economic growth?

III.

W. Schultz (in Transforming Traditional Agriculture) argues that peasants in traditional agriculture are thrifty, hardworking, and economically motivated. Yet they fail to adopt the new practices that would make their farms much more productive. How does he reconcile these two propositions? Do you agree?
You are an economic adviser to President Belaunde Terry of Peru. He asks you to write a memorandum on land reform policy. In particular, he wants to know what lessons, of relevance to Peru, might be drawn from the experience with land reform of Mexico, Bolivia, and Colombia.
President Belaunde is interested in the growth of Peru’s per capita income, the welfare of the peasants, and his continuance in power.

IV.

Explain how inflation could be used by the government to increase the rate of capital formation. What are the arguments against such a policy?
Consider the following two propositions:
1. 1. Inflation is inevitable in an underdeveloped country that is attempting to industrialize.
  2. It follows from (i) that monetary stabilization programs, such as those proposed by the International Monetary Fund, are doomed to failure.

To what extent do you agree with each of these statements?

Source: Harvard University Archives. Harvard Faculty of Arts and Sciences. Papers Printed for Final Examinations in History, History of Religions, Government, Economics,… June 1966.

Image Sources: Ewon Clague portrait from The First Hundred Years of the Bureau of Labor Statistics by Joseph P. Goldberg and William T. Moye. September 1985, Bulletin 2235. Senior year portrait of Christopher K. Clague in the Swarthmore yearbook Halcyon 1960.

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Father: Ewan Clague

Born Dec. 27 1896 in Prescott, Washington. He married Dorothy Vermilya Whipple on June 14, 1924 in Milwaukee, Wisconsin. He died in April 12, 1987.

Ewan Clague, born in Prescott, Washington in 1896, was the sixth Bureau of Labor Statistics Commissioner. His education included the University of Washington and, after serving as an ambulance driver in World War I, the University of Wisconsin. Clague’s teacher, John R. Commons, recommended him to Commissioner Ethelbert Stewart, who hired Clague in 1926 to help develop productivity indexes. After finishing his project at the Bureau, Clague moved on to several other jobs, including working at the Metropolitan Life Insurance Company, studying the effects of mill closures for the Institute of Human Relations at Yale University, and serving as director of research and professor of social research at the Pennsylvania School of Social Work. In 1936, he was hired as Associate Director of Research and Statistics of the new Social Security Board, and was subsequently promoted to Director. In 1940, he became Director of the Bureau of Employment Security. When Clague was appointed Commissioner of the Bureau of Labor Statistics in 1946, he came to the office as a trained economist and experienced civil servant. [Retired from office on September 14, 1965 during his fifth term as Commissioner]

Source: https://www.bls.gov/bls/history/commissioners/clague.htm

Mother: Dorothy Vermilya Whipple

Born November 22, 1900 in Toledo Ohio. Died May 5, 1995 in Washington, D.C.

Speed skater at the University of Wisconsin, where she earned her B.A. and M.A. First married woman admitted to Johns Hopkins Medical School (M.D., 1929). Pediatrician. Published Our American Babies (1944). Most of the revisions in the 1942 Federal pamphlet Infant Care were prepared by her and Dr. Marian M. Crane. Syndicated weekly newspaper column on child care. Two other books: Euthenic Pediatrics and Q: Is the Grass Greener? Answers to Questions About Drugs (1971).

Obituary by David Stout in the New York Times, May 8, 1994.

Wife: Monique Françoise Weston

Born March 5, 1937 and grew up in Shaker Heights, Ohio. Graduated Shaker Heights High School, Ohio, 1955. College Junior year abroad at the London School of Economics in 1957-58. B.A. magna cum laude in Political Science at Swarthmore 1959, Phi Beta Kappa. Woodrow Wilson Fellowship for graduate study at Columbia University. Ph.D. Harvard 1969. Thesis: Heroic Leadership and Legalism: The Case of De Gaulle’s Légalité.” Professor of Education Policy, Planning, Administration at the University of Maryland [now emerita].

Tags ClagueCK, ClagueE

Exam Questions Harvard Public Finance

Harvard. Advanced Public Finance. Description, enrollment and final examination. Bullock, 1912-1913

Post author By Irwin Collier
Post date 2026-09-13
No Comments on Harvard. Advanced Public Finance. Description, enrollment and final examination. Bullock, 1912-1913

Wealth of Nations, Book V, Part II, Chapter II

Adam Smith appears in eight of the seventeen semester examination questions for Charles Jesse Bullock’s course on comparative public finance in 1912-13.

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Earlier Advanced Public Finance

Links to earlier course material for advanced course in public finance from Harvard, 1905-06 through 1911-12.

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ECONOMICS 31
Course Description
1912-13

[Economics] 31 (formerly 16). Public Finance. Mon., Wed., and (at the pleasure of the instructor) Fri., at 10. Professor Bullock.

The course is devoted to the examination of the financial institutions of the principal modern countries, in the light of both theory and history. One or more reports calling for independent investigation will ordinarily be required. Special emphasis will be placed upon questions of American finance. Ability to read French or German is presupposed.

Source: Harvard University. Division of History, Government, and Economics, Courses of Instruction, 1912–13, p. 67.

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ECONOMICS 31
Course Enrollment
1912-13

[Economics] 31 (formerly 16). Professor Bullock. — Public Finance.

Total 7: 6 Graduates; 1 Junior.

Source: Harvard University. Reports of the President and the Treasurer of Harvard College, 1912-13, p. 58.

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ECONOMICS 31
Mid-year Examination
1912-13

In estimating the pressure of public expenditures what considerations need to be taken into account?
State and discuss the so-called laws of the increase of public expenditures.
Discuss critically Smith’s, Wagner’s, Cohn’s, and Seligman’s classifications of public revenues.
In what branches of expenditures may a decrease be expected either immediately or ultimately? Give reasons.
Compare the opinions of Smith and Bastable concerning revenue from domains.
Compare the opinions of Smith and Mill concerning justice in taxation.
Compare the opinions of Smith and Mill concerning the best system of taxation for Great Britain.
What is the opinion of Leroy-Beaulieu concerning the present and future of revenues from (a) domains, (b) public industries?
What is the opinion of Eheberg concerning the present and future of revenues from (a) domain, (b) public industries?

Source: Harvard University. Mid-year examinations, 1852-1943. Box 9, bound volume Examination Papers, Mid-Years 1912-13.

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ECONOMICS 31
Year-end Examination
1912-13

How far does the present British system of taxation conform to the maxims of Adam Smith?
How far does the present French system of taxation conform to Smith’s maxims?
How far does the present Prussian system of taxation conform to Smith’s maxims?
How far would the single tax on land values conform to Smith’s maxims?
Compare the general property tax in Switzerland with the same tax in the United States.
What changes in the general property tax have occurred in the United States in recent years?
Discuss fully the opinions of Leroy-Beaulieu or Eheberg concerning the income tax.
Discuss fully the opinions of Leroy-Beaulieu or Eheberg concerning the inheritance tax.

Image Source: Beginning of Chapter II, Part II of Book V of Adam Smith’s Wealth of Nations. This is where to find Smith’s four maxims on taxation.

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Earlier Advanced Public Finance Courses

1905-06. Public Finance (advanced course).
1908-09. Public Finance (advanced course).
1910-11. Public Finance (advanced course).
1911-12. Public Finance (advanced course).

Tags Bullock

Exam Questions Harvard Public Finance Suggested Reading Syllabus

Harvard. Public Investment. Description, enrollment, exam. Marglin et al. 1966-1967

Post author By Irwin Collier
Post date 2026-09-09

The scope of this interdisciplinary course from the mid-1960s is genuinely breathtaking. With his Harvard Ph.D. (1965) still fresh [Thesis: “Decentralized Resources Allocation With a Modicum of Increasing Returns.”], Stephen Marglin was on his famed meteoric rise to tenured professorship when he co-taught the following course on public investmen with political scientists and civil engineers.

For a later observation on his intellectual journey, see the brief profile article in The Harvard Crimson (14 November 2019) on “The Black Sheep of Harvard Economics” from which the image above has been clipped. He’s come a long way.

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Course Announcement

Economics 112 (formerly Government 257a). Public Investment: Techniques for Relating Economic Objectives, Engineering Analysis, and Government Planning (Offered Jointly with the Graduate School of Public Administration)

Half course (fall term). Th., 2-4, and a two-hour meeting to be arranged.
Assistant Professor S. Marglin and Professors Arthur Maass and H. A. Thomas.

New methods of economic, engineering, and governmental analysis in public investment planning. Techniques include those for converting broad community objectives into specific criteria used to design public projects. Emphasis on systems analysis.

Source: Harvard University, Faculty of Arts and Sciences. Courses of Instruction for Harvard and Radcliffe, 1966-1967, p. 110.

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Course Instructors

Stephen Alan Marglin (1938- ) Assistant Professor of Economics.

Arthur Aaron Maass (1917-2004), Frank G. Thomson Professor of Government.

Harold A. Thomas, Jr. (1913-2002), Gordon McKay Professor of Civil and Sanitary Engineering.

Peter P. Rogers (1937-2018) (Ph.D. in Engineering 1966) Lecturer in Systems Analysis in the Graduate School of Design and a research associate in the Center for Population Studies.

George Herman Quester (1936-2023), Instructor of Government.

Henry D. Jacoby (1935-), Harvard economics Ph.D. 1967. Instructor of Economics.

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Fall Term
1966-67

Economics 112

PUBLIC INVESTMENT: TECHNIQUES FOR RELATING ECONOMIC OBJECTIVES, ENGINEERING ANALYSIS, AND GOVERNMENT PLANNING.

Assistant Professor S. Marglin, Professors A. Maass and H. A. Thomas, Drs. P. Rogers and G. Quester, and Mr. H. Jacoby.

Course Outline

A. Formulating Public Investment Criteria			Date
1.	Introduction	SM	Sep. 29
2.	Production and the Theory of the Firm	HJ	Oct. 4
2.	Objectives: National Income and Its Distribution	SM	Oct. 6
3.	Consumption and the Theory of the Household	HJ	Oct. 11
3.	Selection of the Unit of Analysis and the Definition of Benefits and Costs	HJ	Oct. 13
4.	Intertemporal Criteria	HJ	Oct. 18
4.	Interest Rates and Uncertainty	SM	Oct. 20
5.	Markets, Economic Efficiency and Welfare	HJ	Oct. 25
5.	The Design Process: Methods of Analysis and Problems of Measurement	HJ	Oct. 27

B. Objectives of Public Investment
1.	Alternative Concepts of the Public Interest	GQ	Nov. 1
1.	Multiple Objectives in Public Investment Programs	AM	Nov. 3
2.	Concepts of Decision Making	GQ	Nov. 8
2.	The Weighting of Objectives in the Political Process	AM	Nov. 10

C. Applying Criteria in Project Design
1.	The Mathematics of Optimization	PR	Nov. 15
1.	Mathematical Models: Deterministic Models	HAT	Nov. 17
2.	The Techniques of Systems Analysis	PR	Nov. 22
	(To be announced)		Nov. 29
	Mathematical Models: Stochastic Models	HAT	Dec. 1
3.	Computation Laboratory	PR	Dec. 6
	Simulation	HAT	Dec. 8
	(To be announced)		Dec. 13

D. Summary and Conclusions

All

Dec. 15

Problem Sets

Problem set #1 is due on November 1.
Problem set #2 is due on December 1.
Problem set #3 is due on January 12.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003, Box 9, Folder “Economics, 1966-1967”.

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Fall Term
1966-67

Economics 112

PUBLIC INVESTMENT:
TECHNIQUES FOR RELATING ECONOMIC OBJECTIVES, ENGINEERING ANALYSIS, AND GOVERNMENT PLANNING.

Reading List

Recommended for purchase:

Maass, Hufschmidt, Dorfman, Thomas, Marglin, Fair, Design of Water-Resource Systems (1962).

All other readings on Reserve at Littauer or Lamont Libraries
Optional readings are starred

Readings for October 4:

P. Samuelson, Economics (4th or 5th edition), Chapters 24 & 26 (including appendices).

R. Dorfman, The Price System, Chapters 1 & 2 (1964).

Readings for October 6:

K. Boulding, “The Economist and the Engineer: Economic Dynamics of Water Resource Development,” in S. Smith and E. Castle (eds.) Economics and Public Policy in Water Resource Development (1964).

W. Heller, “Reflections on Public Expenditure Theory,” in Edmund Phelps, ed., Private Wants and Public Needs(1962).

J. Krutilla and O. Eckstein, Multiple Purpose River Development, Chapter 2 (1958).

J. Krutilla, “Welfare Aspects of Benefit-Cost Analysis,” 69 Journal of Political Economy 226-235 (1961).

S. Marglin, Public Investment Criteria, pp. 1-36 (1965).

Readings for October 11:

R. Dorfman, The Price System, Chapter 3 (1964).

T. Scitovsky, Welfare and Competition, Chapter IV, pp. 51-65 (1951).

Readings for October 13:

S. Marglin, Public Investment Criteria, pp. 37-46, 91-100 (1965).

R. Haveman, Water Resource Investment and the Public Interest, Chapters 3, 4, 5 (1965).

J. Tinbergen, The Design of Development, pp. 36-41, 76-87 (1958).

*Maass, Hufschmidt, et. al., Design of Water-Resource Systems, pp. 40-87 (1962).

Readings for October 18:

P. Samuelson, Economics (4th or 5th edition), Chapter 29 (including appendix).

I. Fisher, The Theory of Interest, Chapters V & VI (1930).

H. Bierman and S. Smidt, The Capital Budgeting Decision, Chapters 2 & 3 (1960).

Readings for October 20:

S. Marglin, Public Investment Criteria, pp. 46-77 (1965).

J. Krutilla and O. Eckstein, Multiple Purpose River Development, Chapter 2, pp. 32-40, and Chapter 4 (1958).

R. McKean, Efficiency in Government Through Systems Analysis, Chapter 4 (1958).

Maass, Hufschmidt, et. al., Design of Water-Resource Systems, pp. 129-158 (1962).

J. Hirshleifer, “Efficient Allocation of Capital in an Uncertain World,” 54 AER 77-85 (1964), and comment by P. Samuelson, 95-96.

*J. Hirshleifer, “Investment Decision Under Uncertainty — Choice-Theoretic Approaches,” 79 QJE 509-536 (1965).

*J. Hirshleifer, “Investment Decisions Under Uncertainty: Applications of the State-Preference Approach,” 80 QJE 252-277 (1966).

Readings for October 25:

P. Samuelson, Economics (4th or 5th edition), pp. 678-689.

R. Dorfman, The Price System, Chapters 4-6 (1964).

J. Graaff, Theoretical Welfare Economics, Chapters 1-3 (1957).

Readings for October 27:

Maass, Hufschmidt, et. al., Design of Water-Resource Systems, Chapter 3, pp. 88-118, and Chapter 5 (1962).

J. Rothenberg, “Urban Renewal Programs” in R. Dorfman, ed., Measuring Benefits of Government Investments(1965). Also skim the other articles in this collection.

Readings for November 1:

C. Friedrich, Constitutional Government and Democracy, Chapter 14.

R. Dahl and C. Lindblom, Politics, Economics and Welfare, pp. 25-56.

A. Downs, An Economic Theory of Democracy, pp. 3-74, 279-300.

Madison, The Federalist, No. 10.

D. Truman, The Governmental Process, Chapters 1, 2, 12 & 16.

Readings for November 3:

Maass, “Benefit-Cost Analysis: Its Relevance to Public Investment Decisions,” 80 QJE 208-226 (1966). Readpp. 208-218.

R. Musgrave, “The Public Interest: Efficiency in the Creation and Maintenance of Material Welfare,” Chapter 9 in Nomos 5: The Public Interest, C. Friedrich, ed. (1962).

G. Colm, “The Public Interest: Essential Key to Public Policy,” Chapter 10 in Nomos 5 (1962).

Maass, Hufschmidt, et. al., Design of Water-Resource Systems, Chapter 15 (1962).

C. Lindblom, “Decision-Making in Taxation and Expenditures” and Comments by A. Bergson and G. Colm, in Public Finances: Needs, Sources and Utilization (NBER Conference) pp. 295-336 (1961).

Readings for November 8:

R. Dahl and C. Lindblom, Politics, Economics, and Welfare, pp. 57-88, 294-368.

A. Downs, An Economic Theory of Democracy, pp. 114-163, 260-276.

E. Banfield, Political Influence, Chapter 12.

Readings for November 10:

A. Maass, “Benefit-Cost Analysis: Its Relevance to Public Investment Decisions,” 80 QJE 208-226. Read pp. 218-226.

D. Major, Decision Making for Public Investment in Water Resources Development, Chapters 2 & 6 (1965).

S. Dola, Passaic Valley Flood Control, mimeo (1965).

Readings for November 15:

R. Dorfman, “Mathematical or ‘Linear’ Programming: A Non-Mathematical Exposition,” 43 AER 797-825 (1953).

G. Hadley, Linear Programming, Chapter 1, pp. 1-21 (1962).

S. Gass, Linear Programming (2nd edition), Chapter 1, pp. 3-19 (1964).

*J. Henderson and R. Quandt, Microeconomic Theory, Appendices A2 & A3 (1958).

*P. Rogers, “A Note on Maximization,” mimeo (1964).

Readings for November 17:

H. A. Thomas and R. Revelle, “On the Efficient Use of High Aswan Dam for Hydropower and Irrigation,” in Management Science, Vol. 12, No. 8 (1966).

R. Dorfman, “Mathematical Analysis: Design of the Simple Valley Project,” in G. S. Tolley and F. E. Riggs (eds.) Economics of Watershed Planning (1960).

D. Kendrick, “Programming Investment with Interdependent Projects,” Center for International Studies, M.I.T., mimeo, pp. 1-16 (Jan. 1966).

Readings for November 22:

Maass, Hufschmidt, et. al., Design of Water-Resource Systems, Chapter 3, re-read pp. 129-158, and Chapter 12 (1962).

J. Kemeny and J. Snell, Mathematical Models in the Social Sciences, Appendix C, pp. 128-131.

*G. Hadley, Nonlinear and Dynamic Programming, Chapter 10, pp. 350-375 (1964).

*J.D.C. Little, “The Use of Water Storage in a Hydroelectric System,” J. Oper. Res. Soc. Am. 187 (1955).

*P. Massé, Optimal Investment Decisions, Chapter 7, pp. 320-335 (1962).

Readings for December 1:

Maass, Hufschmidt, et. al., Design of Water-Resource Systems, Chapter 13, pp. 524-539, and Chapter 14 (1962).

M. B. Fiering, “The Nature of the Storage-Yield Relationship,” Symposium on Streamflow Regulation for Quality Control, U.S.D.H.E.W., pp. 243-253 (June 1965).

Readings for December 6:

R. Fano and F. Corbató, “Time Sharing on Computers,” in Scientific American, Sept. 1966, pp. 128-148. Also flip through other articles in this issue.

Readings for December 18:

Maass, Hufschmidt, et. al., Design of Water-Resource Systems, Chapter 10 (1962).

G. Orcutt, “Simulation: A Symposium,” 50 AER 893-907 (1960).

G. Orcutt et. al., Microanalysis of Socioeconomic Systems, Chapters 1, 2 & 14 (1961).

M. Hufschmidt and M. B Fiering, Simulation Techniques for Design of Water-Resource Systems, Chapter 2 (1966).

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003, Box 9, Folder “Economics, 1966-1967”.

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HARVARD UNIVERSITY
Department of Economics

Final Examination
Economics 112

February 1, 1967

Answer any four of the following six questions. All questions are of equal weight. Please place each of your answers in a separate bluebook, and put your name on the cover of each book.

“If lump sum transfers were administratively feasible, governments would be well advised to plan all investments to maximize profits, counting profits in the same way that private enterprise does.”
Comment in the light of income redistribution and merit-want objectives, market imperfections (such as monopoly) and other considerations you think relevant.

“If the government’s social rate of interest based on time preference differs from the marginal productivity of investment in the private sector, it is wrong to use the social rate of interest to plan public investment. The error arises from the fact that using the social rate of interest precludes the government from taking into account the value of private alternatives to public investment.”
Comment.

The problem is to compare and evaluate two ways of designing and authorizing public works projects:

(1) There are no useful legislated standards, so that engineers must use their engineering judgment for design. Projects so designed are then considered by policy makers (President and Congress) for inclusion in omnibus authorizing bills.

(2) Policy makers initiate, debate, and adopt standards for design of projects. Engineers design them, and any projects that conform to the standards are considered to be authorized.

Assume that partisan mutual adjustment is the criterion for comparing and evaluating the two design methods — i.e., that “bargaining is at the heart of the governmental process.” Compare and evaluate the design methods using the criterion given.

Evaluate the utility of partisan mutual adjustment as the evaluative criterion for this specific problem.

Economists assume that the individual behaves selfishly on issues relevant to his monetary income; yet they ask political scientists to define an explicit public interest function as if such a function were of more than academic significance for participants in the legislative process.Is this inconsistent, or is there some political value to specifying an explicit public interest to be contrasted with the personal preferences of individuals?

“Simulation methods are more useful for the planning of large scale public investment projects than the analytic methods of mathematical programming.”
Discuss this statement and give your reasons for agreeing or disagreeing with it.

The following simple model of a water resource system involves two reservoirs and two uses.One use is for domestic water supply for which no monetary benefit function is available but a water requirement is specified; the other use is one for which there is a direct market value.

The two reservoirs are shown in the sketch together with outflow vectors. The outflow from Reservoir A can only be used for meeting the water supply requirement. The outflow from Reservoir B can be routed to either or both uses. All flows are assumed to be non-stochastic. The following cost and benefit functions are assumed:

cost function for reservoir A C₁ = a+x² dollars,

cost function for reservoir B C₂ = b+½(y+z)² dollars,

benefit function for other use B = pz dollars,

where

x = safe yield of reservoir A,

y = portion of safe yield of reservoir B diverted to municipal supply,

z = portion of safe yield of reservoir B diverted to other use,

p = price per unit of flow to other use, and

a,b = the given constants.

The municipal water requirement is

R = x+y .

The problem is to find the sizes of x, y and z which maximize the net economic benefits of the system subject to the water supply constraint. Write the Lagrangean function for the constrained optimization and indicate how you could find the optimal design of the system and the marginal imputed value of municipal water supply.

Would the design be different if we merely asked for a least cost design?

Source: Harvard University Archives. Papers Printed for Mid-Year Examinations. History, History of Religions, Government, Economics, …. January 1967.

Tags JacobyHD, Marglin

Exam Questions Harvard Methodology

Harvard. Graduate Economic Theory, Scope and Methods. Carver, 1912-1913

Post author By Irwin Collier
Post date 2026-09-08

He who can, does; he who cannot, teaches; he who cannot do or teach, teaches methodology. Just kidding…Professor Thomas Nixon Carver taught just about everything in the Harvard economics department except for economic history, money and banking, public finance, and international trade. Economic theory, agricultural economics, distribution, social policy, sociology, and scope/methods were all in his teaching portfolio.

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Links to previous Harvard exams methods and scope of economics
1895-96 to 1907-08.

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Economics 12
Course Description
1912-13

[Economics] 12 ¹hf. (formerly 13). Scope and Methods of Economic Investigation. Half-course (first half-year). Hours to be arranged with the instructor. Professor Carver.

Course 12 will examine the methods by which the leading writers of modern times have approached economic questions, and the range which they have given their inquiries; and will consider the advantage of different methods, and the expediency of a wider or narrower field of investigation. Methods of reasoning, methods of investigation, and methods of exposition will be considered separately. Selected passages from the works of a considerable number of writers will be studied, with a view to analyzing the nature and scope of their reasoning.

Source: Harvard University. Division of History, Government, and Economics, Courses of Instruction, 1912–13, p. 64.

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Economics 12
Course Enrollment
1912-13

Economics 12^lhf (formerly 13). Professor Carver. Scope and Methods of Economic Investigation.

Total 3: 2 Graduates, 1 Radcliffe.

Source: Harvard University. Reports of the President and the Treasurer of Harvard College, 1912-13, p. 57.

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ECONOMICS 12
Mid-year Examination
1912-13

Explain verbally, and show by means of an outline, the relation between private and public economics and the main subdivisions of each.
Into what main departments would you subdivide the subject of economics if you were going to write a general text book for college classes. Give your reasons.
What are the characteristic methods of reasoning, methods of collecting information, and methods of exposition in economics? Mention examples, or give illustrations of each. What are the special advantages of each? To what class of problems is each especially adapted?
Comment upon the following: —

“The economist may thus be considered at the outset of his researches as already in possession of those ultimate principles governing the phenomena which form the subject of his study, the discovery of which in the case of physical investigation constitutes for the inquirer his most arduous task; but, on the other hand, he is excluded from the use of experiment.” (Cairnes, pp. 89-90.)

What, according to Warner, are the characteristic methods of determining the causes of poverty? What are the merits and defects of each method? Give illustrations.
Comment upon the statement that “political economy depends more upon reasoning than on observation.” Is this the same as saying that the greatest present need is for sound reasoners rather than for close observers? Would either statement apply to all possible conditions and to all classes of problems?
Discuss Clark’s reasons for describing capital as a sum of money.

Source: Harvard University. Mid-year examinations, 1852-1943. Box 9, bound volume Examination Papers, Mid-Years 1912-13. Also published in: Harvard University Examinations. Papers set for final examinations in history, history of science, government, economics, philosophy, social ethics, education, fine arts, music in Harvard College(June 1913), p. 53.

Image Source: Portrait of Thomas Nixon Carver (colorized by Economics in the Rear-view mirror) from The Harvard Album 1913.

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Exams from other years

Economics 13 (Scope and Methods) in 1895-96, Taussig.

Economics 13 (Scope and Methods) in 1896-97, Not Offered.

Economics 13 (Scope and Methods) in 1897-98, Ashley.

Economics 13 (Methods) in 1898-99, Taussig.

Economics 13 (Methods) in 1899-1900, Not Offered.

Economics 13 (Methods) in 1900-01, Carver.

Economics 13 (Methods) in 1902-03, Carver.

Economics 13 (Methods) in 1903-04, Carver.

Economics 13 (Methods) in 1904-05, Carver.

Economics 13 (Methods) in 1905-06, Not Offered.

Economics 13 (Methods) in 1906-07, Not Offered.

Economics 13 (Methods) in 1907-08, Carver.

Economics 13 (Methods) in 1908-09, Not Offered.

Economics 13 (Methods) in 1909-10, Not Offered.

Economics 13 (Methods) in 1910-11, Not Offered.

Economics 13 (Methods) in 1911-12, Carver (Exam not found).

Economics 12 (Scope and Methods) in 1914-15. Carver.

Tags Carver

Accounting Exam Questions Harvard

Harvard. Principles of Accounting. Description, Enrollment, Final Exams. W. M. Cole, 1912-1913

Post author By Irwin Collier
Post date 2026-09-06

16th century tapestry, a representation of the liberal art of "numbers, which explains the proportions of things."

A highly popular vocational course offering for Harvard undergraduates was William M. Cole’s principles of accounting. This post provides us with the course description, enrollment figures, and semester exams for the 1912-13 academic year.

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Principles of Accounting
pre-1912/13

Links to earlier course material for Principles of Accounting from Harvard, 1900-01 through 1911-12.

________________________

William M. Cole
His Textbook

Accounts. Their Construction and Interpretation for Business Men and Students of Affairs. Boston: Houghton Mifflin Company, 1908.

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Economics 9
Course Description
1912-13

[Economics] 9 (formerly 18). Principles of Accounting. Mon., Wed., Fri., at 11. Asst. Professor Cole, assisted by Messrs. —— and ——.

This course is designed to show the processes by which the earnings and values of business properties are computed. It is not intended primarily to afford practice in book-keeping; but since intelligent construction and interpretation of accounts is impossible without a knowledge of certain main types of book-keeping, practice sufficient to give the student familiarity with elementary technique will form an important part of the work of the course. The chief work, however, will be a study of the principles that underlie the determination of profit, cost, and valuation. These will be considered as they appear in several types of business enterprise. Published accounts of corporations will be examined, and practice in interpretation will be afforded. The instruction will be chiefly by assigned readings, discussions, and written work.

Course 9 is not open to students before their last year of undergraduate work. For men completing their work at the end of the first half-year, it will be counted as a half-course. It is regularly open only to Seniors and to Graduates who have passed in Economics 1. Students intending to enter the Graduate School of Business Administration are expected to take this course in preparation for the advanced courses in accounting.

Source: Harvard University. Division of History, Government, and Economics, Courses of Instruction, 1912-13, p. 63.

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Economics 9
Course Enrollment
1912-13

Economics 9. Principles of Accounting. Asst. Professor Cole, assisted by Mr. Eliot Jones.

Total 276: 7 Graduates, 8 Graduates of Applied Sciences, 62 Graduates of Business School, 147 Seniors, 50 Juniors, 2 Sophomores.

Source: Harvard University. Reports of the President and the Treasurer of Harvard College, 1912-13, p. 57.

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ECONOMICS 9
Mid-year Examination
1912-13

Indicate, in the form of journal entries, what should be debited and what credited, on your books, for the following:—
1. You sell goods ($500 net selling price), and receive in exact payment a note bearing interest, at 6%, dated two months ago.
2. You buy stationery (price $100), and give in return a draft which has been sent to you and has been already accepted by those upon whom it was drawn.
3. You sell goods to Dombey & Son for $1,000, terms 6% — 10 ds., 5% — 30 ds., net — 60 ds., and to Stalky & Co. for $2,000, on the same terms.
4. You discount at a bank a note receivable, face $1,500, for $1,492.50.
5. Dombey & Son pay their bill, taking the discount at 5%.
6. Stalky & Co., fail to pay their bill when due, but agree to pay 6% interest for the delayed time, and you send them a new bill with interest for 60 days.
7. Stalky & Co. go into bankruptcy and pay 50 cents on the dollar. You collect your share.
8. You receive subscriptions, payable in two instalments of $25,000 each, for capital stock to be issued at par.
9. You issue $25,000 of capital stock for $30,000 in cash.
  Show the trial balance for these transactions.
Explain the purpose of each of the following, and tell how that purpose is accomplished:—
1. a special column in a book of original entry.
2. a controlling account.
3. a six-column statement.
4. accomplished.
5. an amortisation table.
The profit and loss account for a year is as follows:—

PROFIT AND LOSS

Rent	$7,000	Interest	$50
Wages	40,000	Commission	1,500
Taxes	500	Merchandise	78,000
Stationery	300
Advertising	700
Expense	500
Allowance for Bad Debts	1,500
Reserve for Bad Debts	5,000
Dividends	5,000
Permanent Surplus	19,050

How many of these items affect the balance sheet, and how?

The annual wear and tear on a certain piece of property is estimated at $2,000. In 1910, $1,500 was spent for maintenance, in 1911, $2,000, in 1912, $2,500. What are the consequences of these facts on the income sheet and on the balance sheet for each of the three years. (Show actual figures in tabular form.)
Would the following appear on the income sheet or on the balance sheet? Under what name in either case?
1. Cost of a patent bought.
2. Rent for storage of new machinery ordered from different firms and delivered at different times, but to be installed together, as soon as all arrives, in a new shop.
3. Author’s royalty on a copyrighted story printed and distributed in an extended advertising campaign.
4. Cost of heating during permanent interior decoration of a new store.
How far are the following statements true?
1. A balance sheet is a statement of resources and liabilities.
2. An income sheet is a statement of earnings and expenses.
3. A trial balance is a summary statement of the business.

If any of these statements need amendment, illustrate your amendment by concrete items.

Two clerks in an office, A and B, were asked to find the value of a $10,000 bond, payable in 3 years, bearing interest at 5%, on a market basis of 4.67%. A obtained a figure of $10,090.42; B, of $10,089.86. They both used interest tables showing the following present worths and the following amounts.

Present worth of $1.00

Payable in	4.67%	5%
1 year	.955384	.952381
2 years	.912758	.907029
3 years	.872026	.863838

Amount of $1.00

In	4.67%	5%
1 year	1.046700	1.050000
2 years	1.095580	1.102500
3 years	1.140828	1.157625

1. Was either right? If so, which? Show your figuring.
2. Show the amortisation table.

Source: Harvard University. Mid-year examinations, 1852-1943. Box 9, bound volume Examination Papers, Mid-Years 1912-13.

_______________________

ECONOMICS 9
Year-end Examination
1912-13

Save one hour for the last question. It will count as one-third of the paper.

Show by journal entries what should be debited and what credited for the following transactions:
1. Granting a discount to a customer, for early payment of a bill, so that, though the amount of the bill was $100, he pays but $95.
2. Paying a lawyer $50 for trying to collect a bill that proves uncollectible, and writing off the debt ($250) as bad.
3. Collecting $75 as full payment, including interest to the amount of $17, for a debt previously written off as bad.
4. Giving a friend whose credit at banks is not very good, because he is a new-comer in town, and for whom, therefore, you do not wish to endorse notes, your own note for $1000, with the understanding that he will discount it at a bank, and taking in exchange your friend’s note (for the same amount and time) which you intend to keep until maturity.
5. Discounting at a bank your friend’s note mentioned in (d), because you find his credit has improved in the public mind and you need the money. [Discount $7.]
6. Returning to the manufacturers, as unsatisfactory, goods billed at $500 and bought to be sold at $650.
7. Delivering goods from the store as part payment of clerks’ wages, and allowing 5% discount to clerks. [Retail price $50, clerks’ price $47.50.]
8. Issuing a stock dividend of $50,000.
9. Selling a new $2,000,000 issue of stock for $2,100,000. [Corporation’s books.]
A bond table gives the value of $10,000 of bonds for January 1 as $10,366.27, and for July 1 as $10,323.60. On the latter day you collect $250 interest. What entry shall you make for the interest?
Assuming that the valuation of the bonds was determined on a 4% basis, how could you prove the correctness of the July 1 valuation if you knew that the valuation for January 1 was correct?
Define and discuss the purpose of the following: —
1. a machine rate,
2. a life-insurance reserve,
3. a national-bank redemption fund,
4. a stores ledger,
5. a machine ledger,
6. a controlling account.
Would expense burden enter into a plan of cost accounting for (a) a department store, (b) a hospital, (c) a college, (d) a gas company? Explain briefly how, or why not, in each case.

Remember in solving problems that time and confusion are often saved by the use of journal entries as guides in determining which accounts are affected.

The balance sheet a year ago was as follows: —

Plant	$125,000	Capital Stock	$140,000
Accounts Receivable	33,000	Bills Payable	10,000
Merchandise	19,000	Accounts Payable	24,000
Cash	5,000	Surplus	8,000
	$182,000		$182,000

An abbreviated tentative income sheet for the year just closing gave the following figures: —

Wages	$85,000	Other Expenses	$71,000
Materials	54,000	Gross Income	240,000

No items relating to the care of property were included in the “other expenses,” and they are now to be provided for. Such items are found on the debit side of the trial balance as follows:—

Depreciation	$5,000	Replacement	$4,000
Repairs	8,000	Additions	12,000

Supposing the only changes in the balance sheet are those caused by the items shown above (profit or loss and care of property) and that cash absorbs the net effect of changes not otherwise indicated, show the income sheet and the balance sheet for the new year.

Prepare such a tabular statement or statements as an accountant should give to his employers or clients for a business yielding the following figures on three trial balances (of ledger balances) taken at the times indicated.

	Trial balance at the opening of business, Jan. 1, 1912		Trial balance, Dec. 31, 1912, before the books are closed		Trial balance at the opening of business, Jan. 1, 1913
	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
Capital Stock		$200,000		$200,000		$200,000
Bills Payable		30,000		40,000		40,000
Accounts Payable		35,000		37,500		37,500
Surplus		7,000		7,000		9,000
Dividends declared		10,000				10,000
Real Estate and Plant	$135,000		$137,500		$137,000
Accounts Receivable	88,200		80,200		80,200
Goods in process	17,000		17,000		20,000
Finished Goods	25,000		25,000		23,000
Raw Materials Inventory	15,000		15,000		35,000
Raw Materials			57,000
Wages		7,000	52,000			2,000
Taxes		200	2,300			200
Insurance	1,000		2,200		1,000
General Expenses			7,500
Sales				113,200
Cash	8,000		2,000		2,000
	$289,200	$289,200	$397,700	$397,700	$298,700	$298,700

If you give more than one statement, prepare one at a time, and leave the reconciliation between statements until all are complete.

Source: Harvard University Examinations. Papers set for final examinations in history, history of science, government, economics, philosophy, social ethics, education, fine arts, music in Harvard College (June 1913), pp. 48-50.

Image Source: Musée de Cluny. Arithmetic, one of the seven Liberal Arts.

________________________

Earlier Accounting Exams at Harvard

1900-01
1901-02
1902-03
1903-04
1904-05
1905-06
1906-07
1907-08
1908-09
1909-10
1910-11
1911-12

Tags ColeWM, JonesEliot

Social Ethics 1-7 1912-13

Social Ethics Instructors 1911-12

Social Ethics 1. Poor-Relief, the Family, Temperance and the Labor Question

Course Enrollment

Year-end Examination SOCIAL ETHICS 1

Social Ethics 2. Practical Problems of Social Service

Course Enrollment

Year-End Examination SOCIAL ETHICS 2

Social Ethics 3. Criminology and Penology

Social Ethics 4. Social Problems of Immigration and Race

Course Enrollment

Mid-year Examination SOCIAL ETHICS 4

Social Ethics 5. The Housing Problem

Course Enrollment

Mid-year Examination SOCIAL ETHICS 5

Social Ethics 6. Social Amelioration in Europe

Course Enrollment

Year-end Examination SOCIAL ETHICS 6

Social Ethics 7. Rural Social Development

Course Enrollment

Year-End Examination SOCIAL ETHICS 7

Social Ethics à la Peabody 1888/89—1911/12

Earlier 20th century course material:

Course Announcement

Course Final Examination

GENERAL EXAMINATION IN MICROECONOMIC THEORY FALL 1993

GENERAL EXAMINATION IN MACROECONOMIC THEORY FALL 1993

Instructors of Political Economy (Undergraduate)

UNDERGRADUATE COURSES

Political Economy 1.

Political Economy 2.

Political Economy 3.

Carver’s Earlier Courses on Agricultural Economics

ECONOMICS 32 Course Description 1912-13

ECONOMICS 32 Course Enrollment 1912-13

ECONOMICS 32 Year-end Examination 1912-13

Earlier material

Christopher Karran Clague

Economic 116. The Economy of Latin America

Dr. Christopher Clague Harvard University

Final Examination Economics 116

June 4, 1966 Dr. Clague

I.

II.

III.

IV.

Father: Ewan Clague

Mother: Dorothy Vermilya Whipple

Wife: Monique Françoise Weston

Earlier Advanced Public Finance

ECONOMICS 31 Course Description 1912-13

ECONOMICS 31 Course Enrollment 1912-13

ECONOMICS 31 Mid-year Examination 1912-13

ECONOMICS 31 Year-end Examination 1912-13

Earlier Advanced Public Finance Courses

Course Announcement

Course Instructors

Fall Term 1966-67

Economics 112

PUBLIC INVESTMENT: TECHNIQUES FOR RELATING ECONOMIC OBJECTIVES, ENGINEERING ANALYSIS, AND GOVERNMENT PLANNING.

Course Outline

Problem Sets

Fall Term 1966-67

Economics 112

PUBLIC INVESTMENT: TECHNIQUES FOR RELATING ECONOMIC OBJECTIVES, ENGINEERING ANALYSIS, AND GOVERNMENT PLANNING.

Reading List

HARVARD UNIVERSITY Department of Economics

Final Examination Economics 112

February 1, 1967

Economics 12 Course Description 1912-13

Economics 12 Course Enrollment 1912-13

ECONOMICS 12 Mid-year Examination 1912-13

Exams from other years

Principles of Accounting pre-1912/13

William M. Cole His Textbook

Economics 9 Course Description 1912-13

Economics 9 Course Enrollment 1912-13

ECONOMICS 9 Mid-year Examination 1912-13

ECONOMICS 9 Year-end Examination 1912-13

Earlier Accounting Exams at Harvard

Social Ethics 1-7
1912-13

Social Ethics Instructors
1911-12

Social Ethics 1.
Poor-Relief, the Family, Temperance and the Labor Question

Year-end Examination
SOCIAL ETHICS 1

Social Ethics 2.
Practical Problems of Social Service

Year-End Examination
SOCIAL ETHICS 2

Social Ethics 3.
Criminology and Penology

Social Ethics 4.
Social Problems of Immigration and Race

Mid-year Examination
SOCIAL ETHICS 4

Social Ethics 5.
The Housing Problem

Mid-year Examination
SOCIAL ETHICS 5

Social Ethics 6.
Social Amelioration in Europe

Year-end Examination
SOCIAL ETHICS 6

Social Ethics 7.
Rural Social Development

Year-End Examination
SOCIAL ETHICS 7

Social Ethics à la Peabody
1888/89—1911/12

GENERAL EXAMINATION
IN MICROECONOMIC THEORY
FALL 1993

GENERAL EXAMINATION
IN MACROECONOMIC THEORY
FALL 1993

Instructors of Political Economy
(Undergraduate)

Carver’s Earlier Courses
on Agricultural Economics

ECONOMICS 32
Course Description
1912-13

ECONOMICS 32
Course Enrollment
1912-13

ECONOMICS 32
Year-end Examination
1912-13

Economic 116.
The Economy of Latin America

Dr. Christopher Clague
Harvard University

Final Examination
Economics 116

June 4, 1966
Dr. Clague

ECONOMICS 31
Course Description
1912-13

ECONOMICS 31
Course Enrollment
1912-13

ECONOMICS 31
Mid-year Examination
1912-13

ECONOMICS 31
Year-end Examination
1912-13

Fall Term
1966-67

Fall Term
1966-67

PUBLIC INVESTMENT:
TECHNIQUES FOR RELATING ECONOMIC OBJECTIVES, ENGINEERING ANALYSIS, AND GOVERNMENT PLANNING.

HARVARD UNIVERSITY
Department of Economics

Final Examination
Economics 112

Economics 12
Course Description
1912-13

Economics 12
Course Enrollment
1912-13

ECONOMICS 12
Mid-year Examination
1912-13

Principles of Accounting
pre-1912/13

William M. Cole
His Textbook

Economics 9
Course Description
1912-13

Economics 9
Course Enrollment
1912-13

ECONOMICS 9
Mid-year Examination
1912-13

ECONOMICS 9
Year-end Examination
1912-13