Tag: Barnett

Johns Hopkins. Department of Political Economy Exams, 1931-32

Post author By Irwin Collier
Post date 2025-12-02

The United States was descending towards the trough of the Great Depression during the last full academic year that occurred under the Hoover Administration. This post takes us to the undergraduate and business course offerings in economics at Johns Hopkins University for 1931-32. The mid-year and year-end examinations for all courses have been transcribed along with short course descriptions. Two minor gaps have been filled with examinations from an adjacent years.

A later post will provide a list of the graduate course offerings from the department of political economy for 1931-32.

__________________________

Cf. Economics Exams from 1937-38
(Previously Posted)

Johns Hopkins. Exams for the five sections of principles of economics, 1937-1938

Johns Hopkins. Semester exams for statistics. Robert G. Deupree, 1937-1938

Johns Hopkins. Final exams for undergraduate money and banking. Weyforth, 1937-1938

Johns Hopkins. Final examinations for Corporation Finance and Investments. Evans, 1937-1938

Johns Hopkins. Exam questions for undergraduate principles of accounting. Cooper, 1937-1938

Johns Hopkins. Exam questions for undergraduate economic history. Broadus Mitchell, 1937-1938

Johns Hopkins. Exam questions for mathematics of finance and applied statistics. Evans, 1937-1938

Johns Hopkins. Examination questions for undergraduate marketing. Roy J. Bullock, 1937-1938.

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1931-32

1-C. Elements of Economics.

The course is meant to be an introduction to further economic study, and so does not embrace detailed scrutiny of certain aspects of economic life which are fully presented in more advanced courses. The structure of economic society is given, especially through study of the theories of production and distribution. Attention is paid to those subjects which have importance for those intending to engage in business enterprise.

Three hours weekly, through the year. Section 1: Dr. EVANS, Thurs., Fri., Sat., 8.30, Maryland Hall 110; Section 2: Associate Professor MITCHELL, Mon., Tues., Wed., 8.30, Gilman Hall 313; Section 3: Associate Professor WEYFORTH, Mon., Tues., Wed., 11.30, Gilman Hall 314.

GEORGE HEBERTON EVANS, JR., Ph.D., Associate in Political Economy. A.B., Johns Hopkins University, 1920; Ph.D., 1925.
BROADUS MITCHELL, Ph.D., Associate Professor of Political Economy. A.B., University of South Carolina, 1913; Fellow, Johns Hopkins University, 1916-17, and Ph.D., 1918.
WILLIAM OSWALD WEYFORTH, Ph.D., Associate Professor of Political Economy. A.B., Johns Hopkins University, 1912, and Ph.D., 1915; Instructor, Western Reserve University, 1915-17.

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 1-C

Dr. Mitchell

Tuesday, January 26, 1932

Explain briefly the following terms: (a) the factors of production; (b) luxury; (c) elasticity of demand; (d) wealth.
What is the function of the enterpriser? Is the enterpriser gaining or losing in importance as an economic agent?
Define capital and discuss the capitalistic method of production.
Distinguish between subjective and objective value.
Explain the law of diminishing utility. What is meant by marginal utility?
Explain how market price is determined under conditions of competition.
What indictments of the capitalist system are offered by the present business depression?
What is the cause and cure of “technological” unemployment?
What do you think of the proposal to set up a National Economic Council with purely advisory powers?

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 1-C

Dr. Mitchell

June 1, 1932

Explain the “quantity theory of money”.
(a) What is meant by “economic rent”? (b) Explain the proposal of the Single Tax. (c) Can a tax on land be shifted from owner to occupier; give reason for your answer.
(a) Explain the subsistence theory of wages, the socialist theory of wages, and the productivity theory of wages. (b) Should wages keep pace with the cost of living, and nothing more?
Discuss as many theories of interest as you can, indicating the one which to you seems most reasonable.
(a) How do “pure profits” arise? (b) Is the function of the enterpriser undergoing change? (c) What are some of the means of avoiding economic risk?
If you were made responsible for economic planning in the United States, what powers would you assume and what policies would you formulate?

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 1-C

Dr. Evans

Wednesday, January 27, 1932.

Discuss economic method.
Comment upon the beginnings of political economy.
Give three of the principles of production discussed in class.
Why did most of the countries of the world adopt the gold standard?
Discuss the causes which led to the abandonment of the gold standard by Great Britain in September 1931.
Give a seeming exception to the law of diminishing utility and explain carefully why your illustration is not an exception.
Illustrate the method for calculating the cost of living.
Discuss the equation of exchange.
List the advantages and disadvantages of the national banking system.
Use diagrams to show the relation between cost of production and price.
Discuss monopolies which arise because of properties inherent in the business.
Give three laws of supply and demand.
When is it economically justifiable to take wealth from some people in order to give it to others?

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 1-C

Dr. Evans

June 1, 1932

“The corporation affords opportunity for dividing and recombining the incidents of ownership in varying proportions.” Explain and illustrate.
“An increase in the rediscount rate of a Federal Reserve Bank is expected to cause member banks to raise their discount rates.” Upon what assumption does this expectation rest?
Discuss the expansion of public works as a method of increasing demand during the period of depression.
“Inflation of the currency by governmental action is a form of taxation.” Explain. Who pays the tax? How is it possible for individuals partly to evade the tax?
“Even if the velocity of circulation remains constant, an increase in the quantity of money need not necessarily raise prices.” Discuss.
Is it not reasonable to suppose that most wage earners would be willing, if necessary, to work for less than they are now paid? If they would be willing to work for less, why do employers continue to pay the present wage rates?
Distinguish between technological capital and loanable funds. For the use of which is interest paid? How are they related?
“More completely than any other form of income, profits defy explanation by general rules.” Do you agree? Why or why not?
“American foreign trade is the greatest unprotected industry that we have. It furnishes an output of between $4,000,000,000 and $5,000,000,000 annually — the total of our sales to foreign countries — and is thus the greatest, as well as almost the only, unprotected business in the United States.” Discuss the effect of the tariff upon our exporting industries.
Enumerate as many sound principles of political economy as possible. Do not, however, use more than one sheet of paper and devote only one line to each principle.

Political Economy 1-C (Dr. Weyforth)
Note Mid-year Exam 1931-32 missing
1930-31 exam substituted here

THE JOHNS HOPKINS UNIVERSITY
Mid-Year Examination Political Economy 1
(Dr. Weyforth)

Monday — February 2, 1931 — 9 a.m.

The following are mentioned by Ely as a few of the fundamental institutions of our present economic system: private enterprise, private property, contract, freedom, competition. Comment upon these institutions so as to show their significance in our present economic system.
Distinguish between wealth and welfare. Does the growth of a country in wealth necessarily mean a commensurate increase in its welfare? Explain.
That is meant by the “standard of living”? Does the normal growth of population menace the maintenance of standards of living? Why? How do you account for the fact that standards of living have risen during the past century in spite of large increases in population?
Define “diminishing utility” and “marginal utility”. What is the relationship between marginal utility and price? Explain fully.
“Market price constantly tends to approach the normal price, which is defined as the expense of producing a unit of the commodity in question.” Explain this statement. That is meant by the “marginal producers”? Define and illustrate the terms “increasing cost,” “decreasing cost,” and “constant cost” as applied to different types of industry.
If it takes two years to build a steel mill, will this have a bearing upon the value of steel mills in the event of a sudden increase in the demand for steel as in the case of the outbreak of a war? That difference would it make, if it took only two months to construct a mill? Explain.
What are the functions of money in our economic system? What is the gold standard? That are its advantages and disadvantages? what other monetary standards can you suggest?
What is the nature of a bank deposit? How do the demand deposits of commercial banks serve as a medium of exchange? What are the principal functions of commercial banks?

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 1-C

Dr. Weyforth

June 1, 1932

ANSWER ANY 8 QUESTIONS

Construct demand and supply schedules for some commodity and indicate how price tends to be fixed. Explain the difference between elastic and inelastic demand.
“Once goods have been produced, the only thing to do with them is to sell them for the best price which can be obtained, whether this price be above or below the cost of production. Hence it is ridiculous to assert that cost of production determines price.” Discuss this statement showing the true connection between price and cost of production.
What is meant by the business cycle? What are some of the economic causes of the business cycle? Explain.
How are changes in the general level of prices calculated? Explain the relationship between the quantity of money and the general level of prices.
Explain the marginal productivity theory of wages. Why is it that persons doing disagreeable work do not always receive higher wages than those doing pleasant work?
What are the factors affecting the supply of and the demand for loanable funds?
How do profits affect the distribution of productive activity? Discuss the importance of profits as a stimulus to managerial efficiency.
Explain the Ricardian theory of rent.
“Tariff protection is a deliberate interference with economic specialization in all of its various aspects. This is its fundamental and fatal weakness.”
Appraise this statement carefully.

__________________________

2-C. Statistics. Dr. EVANS.

[GEORGE HEBERTON EVANS, JR., PH.D., Associate in Political Economy. A.B., Johns Hopkins University, 1920; Ph.D., 1925.]

The first half of the course will be devoted to a brief history of statistics as a science, followed by an examination of the methods for collecting, presenting and analyzing statistical data. In order that the student may more clearly understand statistical method, practical exercises are assigned to supplement the class room work.

During the second half year the use of statistics in the analysis of economic and business problems is considered. Various index numbers, such as those measuring wholesale prices, retail prices, cost of living, wages and production will be studied. Special attention will be given to the business cycle and the various statistical aids that have been developed for forecasting business conditions. Students will be referred to assignments in publications so that they may become familiar with the principal sources of statistical information concerning economic and business problems.

Prerequisite: Mathematics 2-C or 3-C.

Three hours weekly through the year. Dr. EVANS. Wed., Fri., Sat., 10.30. Gilman Hall 314.

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 2-C

February 2, 1932

Put the following data into a frequency table. Give evidence which tends to show that you have made a proper selection of both the size and the position of your class-interval.

10, 11, 13, 15, 17, 17, 20, 21, 22, 22, 23, 23, 23, 24, 25, 27, 30, 35, 36, 40.

Show that a railroad with three divisions might have a lower cost per ton-mile in July than in June on every division, and yet have a higher cost per ton-mile for the railroad as a whole. Discuss.
The following table shows the number of associate professors at certain American colleges and universities, whose salaries fell in the classes indicated. Note the modal salary class, and find the median salary. In your judgment, which average is most typical?

Salary Class (by mid-point)	Number	Salary Class (by mid-point)	Number
250	1	2250	168
500	3	2500	174
750	3	2750	129
1000	4	3000	153
1250	15	3250	74
1500	57	3500	91
1750	88	3750	17
2000	186	4000	15
		4500	1

Discuss the mathematical expressions which indicate dispersion. Which would you use to show the dispersion of the data given in problem 3?
If an arithmetic mean were to be calculated for the data given in problem 3, should a weighted or unweighted average be calculated? Discuss.
How may a frequency distribution be described?
Discuss very briefly: random, sampling; questionnaires; the substitutes for renumeration; the ratio chart.

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 2-C

June 7, 1932

An effort was made to determine the average weekly wage of 20,000 coal miners by taking a sample consisting of 256 workers, The arithmetic mean computed from this sample was $40 with a standard deviation of $2.40. What is the reliability of this result?
What is moving correlation? When and why should it be used?
Discuss three variable correlations.
The U. S. Bureau of Labor publishes currently an index of the cost of living. The base is 1926. Using some hypothetical figures, show how the base may be shifted to another year. Can the process employed by you always be used? Why or why not?
Explain “mathematical methods of trend fitting are not fool-proof”. State the steps in the computation of a straight-line arithmetic trend by the method of least squares.
Obtain an index of seasonal variation for the following data:

Quarter	1924	1925	1926	1927	1928	1929	1930
First	1.5	2.0	2.0	2.5	2.5	3.0	2.5
Second	2.5	2.5	2.0	2.0	1.5	3.5	4.0
Third	2.0	2.5	2.0	2.5	3.0	2.5	3.0
Fourth	2.5	3.0	3.5	3.5	3.0	3.5	3.0

__________________________

3-B. Money and Banking.
Associate Professor WEYFORTH.

[WILLIAM OSWALD WEYFORTH, Ph.D., Associate Professor of Political Economy. A.B., Johns Hopkins University, 1912, and Ph.D., 1915; Instructor, Western Reserve University, 1915-17.]

In this course an analysis of the functions of money, credit and banking in our modern economic life will be made. There will be a description of various types of monetary systems, of the forms of credit and of banking and financial institutions. Particular attention will be given to the relationship between money, bank credit and prices; to the effects of price fluctuations upon individuals and upon general business conditions; to the problems of stabilizing prices and controlling business fluctuations by means of a deliberately directed monetary and credit policy. The Federal Reserve System will be studied with special emphasis upon its problem of credit control. Some time will also be devoted to the relationship between the money market and the stock market, to the problem of brokers’ loans, and to the financial operations involved in our international trade.

Prerequisites: Political Economy 1-C and 2-C.

Three hours weekly through the year. Associate Professor WEYFORTH.

Mon.. Tues., Wed., 9.30. Gilman Hall 311.

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 3-B

January 29, 1932

What is the gold standard? What are its advantages and disadvantages? Explain the difference between the gold standard as found in the United States and as found in England after 1925.
Explain how the recent abandonment of the gold standard by England is likely to affect her foreign trade.
Explain how prices in one gold standard country are related to prices in other gold standard countries. Explain the effects of movements of gold from one country to another upon the price levels of the respective countries. In what ways may the central banks of the respective countries offset the effects of the movement of gold? What are the limitations upon the power of the central banks in this respect?
What is bimetallism? Outline the history of bimetallism in the United States. What factors are responsible for the recent revival of interest in bimetallism?
Define and illustrate the more important types of commercial credit instruments. Explain the nature and importance of negotiability. Describe in detail how a bank acceptance may be used to finance a shipment of copper from Brazil to New York.
What are the economic effect of fluctuations in the general level of prices? How are such fluctuations measured? Explain the causes of such fluctuations.
What are the functions performed by investment bankers? What is their importance in our economic organization? Describe at least two types of underwriting operations。
What are the various types of investment trusts? Explain the differences in their methods of operation. What are the legitimate functions? What unsound practices developed during the boom preceding the crash of 1929?
Explain a margin purchase and a short sale on the New York stock exchange.

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 3-B

Dr. Weyforth

June 3, 1932

What are the factors affecting the rates of exchange between two gold standard currencies? Show under what conditions gold tends to move.
What is the theory of the international distribution of gold among gold standard nations? Show how this theory may be affected by the policy of central banks.
What are the factors determining the rate of exchange between two countries, one or both of which have a paper standard? How is equilibrium in the balance of payments maintained under such conditions?
Describe the principal types of loans made by commercial banks. What are the principles that should govern commercial banks in their lending? What have been the developments in the lending policy of commercial banks since the War.
The Goldsborough Bill would make it the duty of the Federal Reserve Banks to restore commodity prices as represented by the index number of the U. S. Bureau of Labor Statistics to the average level existing between 1921 and 1929, and to maintain prices at that level. What has been the attitude of the Federal Reserve officials toward this bill? Explain fully.
What possible principles may guide a central bank in its credit policy? Explain the difficulties that have confronted the Federal Reserve officials since the War.

__________________________

4-B. Labor Problems.
Professor BARNETT.
(Course 4B will not be given in 1931-32.)

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

Three hours weekly through the year. Mon., Tues., Wed., 10.30. Gilman Hall 314.

In the first part of this course the problems growing out of modern industrial employment will be studied, e.g., child labor, industrial accidents, unemployment. It includes a critical discussion of the ameliorative measures which have been adopted in the leading industrial countries. Special attention will be given to an analysis of the principles underlying the schemes of social insurance against sickness, old age, and unemployment, so generally put into effect in recent years in European countries. In the second part of the course the history, structure and functions of American trade unionism are considered. Particular attention will be given to the working of representative systems of collective bargaining and an analysis of the conditions under which these systems have attained their greatest strength. An appraisal of rival forms of wage fixation, such as individual bargaining, governmental intervention and shop committees will conclude the course.

Prerequisites: Political Economy 1-C and 12-B.

THE JOHNS HOPKINS UNIVERSITY
Political Economy 4-B
Mid-year Examination

January 30, 1933

On what principles, should an economic man divide his income between expenditure and saving?
On what principles, should he divide his expenditure among different objects of expenditure?
How and why should he divide his savings between investment and insurance?
Describe briefly the various causes of unemployment.
Discuss the effects of shortening the hours of labor.
Why are the risks of unemployment, old age, etc. a part of the labor problem?

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 4-B

May 29, 1933

Define “trade union” and distinguish trade unions from such associations as medical societies, bar associations.
Describe the relations among the various units (local unions, national unions, etc.) making up the structure of American trade unionism.
Classify and discuss the methods of enforcement used by trade unions against employers.
Discuss “picketing”.
What is the object of trade unions to the injunction?
What is “scientific management” and how has it influenced the employer in his attitude toward labor?
Outline the chief lines of approach to the governmental adjustment of industrial disputes.
Is the labor market a good market?

__________________________

6-B. Corporation Finance and Investments.

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

In the first part of this course the theory and practice of corporation finance will be considered with particular reference to the problems presented in the United States. The more important topics taken up include: advantages and disadvantages of corporate organization; classification and examination of the characteristics of stocks and bonds; the choice of different types of securities to be issued; methods by which these securities are floated; the methods and forms of syndicate underwriting; policy with reference to dividends and surplus; refunding of debt and provisions for amortization; receivership and reorganization. The second part of the course will be devoted to the study of investments. The more important topics covered in this course include: an analysis of the essentials of a good investment; an historical study of the rate of interest and of periodic fluctuations in the rate; definition of the essential legal characteristics of the various debt instruments and especially of the mortgage; historical and analytical description of the more important forms of investment, such as Government, State and municipal bonds, securities of private corporations, and real estate mortgages; theories of valuation and amortization.

Prerequisites: Political Economy 1-C, 2-C and 11-B.

Three hours weekly through the year. Professor BARNETT. Mon., Tues., Wed., 10.30. Gilman Hall 313.

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 6-B

Monday, January 25, 1932.

Discuss the relative advantages of the partnership and the corporation as legal forms of the business unit.
Why has no-par common stock largely replaced common stock with a par value?
A corporation was liquidated. After the creditors were paid there were assets to the amount of $200,000. The capital stock consisted of $200,000 common and $100,000 preferred. How much would a common stockholder receive?
When should a corporation pay a cash dividend?
What is a bond? Define the various classes of bonds.
The bonds of X. R.R. are convertible into common at 80. A buys $10,000 of the bonds at 120. At what price for the common would conversion be profitable?
A syndicate was formed to acquire and sell $10,000,000 of 6 per cent bonds. A selling commission of one per cent was allowed. The bonds were bought at 97 and sold at 100. Smith and Jones subscribed to $100,000 and sold $50,000. All the bonds were sold. Disregarding the expenses of the sale, except the commission, how much were Smith and Jones entitled to receive from the syndicate managers.

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 6-B

May 31, 1932

Define “pure rate of interest” and outline the movement of this rate from 1897 to date. What is the explanation of these changes?
Define reversibility and discuss its various forms. Explain the process by which banks furnish reversibility.
Define the various forms of risk and explain the methods of avoiding them.
A man about to retire at age 65 with no dependents has $100,000 in capital. Discuss the problem of its investment.
What are the lending principles applicable to measuring the internal risk on government bonds. In the light of these principles, compare the risk on Bolivian bonds and United States bonds.
Define the factor of safety — cumulative and non-cumulative — and the factor of change. Set up an illustrative comparison between two railroad bonds, assuming the proper figures for your purpose.
List the various forms of taxation which a Maryland investor must consider, and explain how they affect different classes of investors.

__________________________

11-B. Principles of Accounting.

[HOWARD E. COOPER, M.S., Instructor in Accounting. B.S., University of Denver, 1925; M.S., Columbia University, 1927; Registrar, School of Commerce, Accounts and Finance of the University of Denver, 1922-26, 1927-28; Assistant Professor of Banking, University of Denver, 1927-28.]

A study is made of financial statements as the goals of accounting endeavor, of the analysis and recording of business facts in the accounting books and records, and of the methods of opening and closing the books for a single proprietorship, partnership and corporation as well as the use of controlling accounts, and consignment accounts. Many practical problems are assigned to give facility in the handling of accounting records and a ready appreciation of their significance.

Prerequisite: Political Economy 1-C.

Three hours weekly through the year. Mr. Cooper. Mon., Thurs, Fri., 1.30 p.m. Gilman Hall 312.

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 11-B

February 1, 1932

Please write your answers to these questions legibly and in ink.

—
1. Discuss the purposes and content of a balance sheet.
2. Discuss the purposes and content of a profit and loss statement.
—
1. Why does a ledger need adjusting at the close of a fiscal period?
2. What does a trial balance prove?
—
1. What is the function of a journal; of a ledger?
2. Name five temporary proprietorship accounts and two vested proprietorship accounts.
—
1. What accounts appear in a post-closing trial balance?
2. Illustrate what you regard the best way to journalize a transaction involving the discount of the proprietor’s own note at the bank. (Use for illustration a 60 day $1500 note discounted at 6%.)
—
1. What is a controlling account?
2. Illustrate how a sales journal can be set up to provide for the proper posting to a ledger when an accounts receivable controlling account is made use of.
—
1. State the fundamental equation of accounting in two forms.
2. Explain the effect upon your equation of each of the following:
  1. Purchase of machinery on account
  2. Sale of merchandise for cash

7-10. Making use of information below, prepare:

1. Profit and Loss Statement for year 1931.
2. Balance Sheet for Dec. 31, 1931.

TRIAL BALANCE, DECEMBER 31, 1931

Cash	3,150
Initial Inventory	85,250
Accounts Receivable	76,200
Furniture and Fixtures	1,900
Reserve for Depr.-Funiture & Fixtures		380
Delivery Equipment	1,500
Notes Payable		25,000
Accounts Payable		62,500
D.M. Craven, Capital		83,205
D.M. Craven, Personal	2,400
Sales		325,000
Purchases	310,000
Purchase Returns & Allowances		1,250
Freight-In	4,250
Selling Expense	5,280
Delivery Expense	1,125
Administrative Expense	6,380
Discount on Sales	825
Discount on Purchases		1,420
Interest Received		825
Interest Paid	1,320
	499,580	499,580

ADJUSTMENTS:

Merchandise on hand 12/31/31 $92,600
Unpaid freight bills $480
Of the interest received, there is unearned $125
Delivery Expense-Supplies on hand $475
Accrued Interest on Accounts Receivable $150

Accrued Depreciation:

Furniture and Fixtures 10%
Delivery Equipment 20%

Bad Debts allowance ½ % of Sales

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 11-B

June 6, 1932

Explain the accounting for Notes Receivable Discounted.
Distinguish between a sinking fund account and a sinking fund reserve account. Where do each appear on the balance sheet?
Explain one method of accounting for consignments both from the standpoint of the consignor and consignee.
Distinguish between stock discount and bond discount and discuss their treatment on the accounting records.
Explain the imprest method of handling petty cush disbursements.
Explain in detail what is meant by reconciliation of a bank statement.
A and B are engaged in a partnership the capital of which is $20,000 divided equally between A and B. They agree to admit C to a one-third interest upon investment of $12,000. Set up the complete journal entries concerning the admission of a new partner.
X, Y and Z are engaged in a partnership. The balance sheet is as follows:

Cash	10,000	Liabilities	5,000
Other Assets	40,000	X Capital	25,000
		Y Capital	15,000
		Z Capital	5,000
	50,000		50,000

They decide to dissolve the partnership. The other assets are sold for $25,000, Z personally is insolvent. How should the affairs be wound up?

9 — 10 The Baltimore Corporation is formed with an authorized capital stock of 1000 shares of common stock and 500 shares of preferred each with a par value of $100 per share. The common stock is subscribed at 95 and paid one half down and the balance in 30 days. The preferred stock is subscribed for and sold at 110. Set up the journal entries to show the disposition of the capital stock.

__________________________

12-B. Economic History.
Associate Professor MITCHELL.

[BROADUS MITCHELL, Ph.D., Associate Professor of Political Economy. A.B., University of South Carolina, 1913; Fellow, Johns Hopkins University, 1916-17, and Ph.D., 1918.]

Three hours weekly through the year. Mon., Tues., Thurs., 1.30 p.m. Gilman Hall 314.

In the first part of this course a study is made of English economic history, the purpose being to show not only the industrial development of the English people as such but the way in which the economic motive has influenced the whole of social life. Particular attention is given to the characteristic forms of economic organization — the manorial system, the guild system, the entrance of capitalism and the causes and consequences of the Industrial Revolution. Special reference is made to those features of English economic history which have influenced industrial life in the United States. The second part of the course is a survey of the economic history of our own country. Here the same effort is made, as in the case of England, to show the bearing of economic considerations on political evolution, especially in the direction of the growing importance of the Federal Government.

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 12-B

Dr. Mitchell

February 1, 1932

Describe the manorial system as to its chief economic features.
The same for the Guild System.
In what ways were rural and town workers better off in the middle ages in England then at present in America?
What were the circumstances which provoked the announcements of “Gresham’s Law”?
By what stages did the independent craftsman of 1700 become the wage worker of 1850?
What were the causes and main consequences of the Industrial Revolution?
Name and discuss briefly the social movements which followed the Industrial Revolution.
Do you notice any great tendency in Economic history? If so, what?

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 12-B

May 30, 1932

Discuss the place of Alexander Hamilton in American economic history.
That were the chief economic consequences of the War of 1812-14?
Give an outline of banking in the United States from 1791 to 1913.
Discuss the economic causes of the Civil War.
Describe the currency agitation following the Civil War.
Tell what you know of the panics of 1837 and 1873.
Describe the growth of “big business” and the problems which this development has brought.
That are some of the present-day evidences of departure, in American economic life, from our traditional laissez faire
What economic measures would you suggest as probably assisting the country to emerge from the present depression, and as avoiding future depressions?

__________________________

14-B. Corporation Accounting.

This course presents the accounting principles involved in the organization, operation and liquidation of corporations. Detailed consideration is given to the principles of valuation involved in each item appearing on the corporate balance sheet with special emphasis on depreciation; also to the principles involved in the accounting for: the voucher system, installment sales, factory costs, foreign and domestic branch offices, combinations and consolidations, consolidated balance sheets, interpretation of balance sheets, and estate and trust accounting.

Prerequisites: Political Economy 1-C and 11-B.

Three hours weekly through the year. Mr. COOPER. Mon., Thurs., Fri., 2.30 p.m. Gilman Hall 312.

Courses 16-B, 17-B and 18-B listed below are reading courses open respectively to students who have completed Political Economy 3-B, 6-B or 4-B and are specially recommended by the instructors in those courses. Students will be furnished with a prescribed list of readings and will meet with the instructor one hour each week for discussion. Six points credit will be allowed for the completion of each course.

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 14-B

January 28, 1932.

Please write your answers to these questions legibly and in ink.

Set up in detail a schedule showing the cost to manufacture, using your own figures.
What changes would you expect to be made in the accounting system upon the introduction of a voucher system:
1. What is meant by the term “going concern valuation”?
2. What is the general principle used in the valuation of current assets; of fixed assets?
—
1. When would you consider it desirable to appreciate the value of fixed assets on your books?
2. Illustrate by means of journal entries how it could best be accomplished.
In setting up a reserve for bad debts at the close of the first year of operation of a concern, what information would you seek?
Discuss fully the retail method of inventory valuation.
—
1. Enumerate six causes of depreciation.
2. Distinguish between the problem of depreciation and replacement.
How would you handle the replacement of a part of an asset on the accounting records?
How would you account for the cost of rearrangement of machinery in a factory?
What is depletion and how is it calculated?

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 14-B

June 4, 1932

Explain in detail how a trial balance in terms of foreign currency should be converted into dollars so that it will balance.
Discuss briefly the methods which might be used in the analysis of Balance Sheets.
Discuss the accounting problem involved in case in which goods are shipped from a home office to a branch at a figure other than cost.
—

(a) What is the purpose of a statement of funds and its application?

(b) What is the purpose of a statement of affairs and a deficiency account?

If you were asked how to determine the value of the good will of a corporation, what information would you require and how would you proceed?
Distinguish between (a) principal and income and (b) real and personal property in accounting for the affairs of an estate.
—

(a) Describe two methods of carrying the investment account of a subsidiary on the books of the holding company.

(b) Under what circumstances does the consolidated good will on a consolidated balance sheet change?

8 — 10

The following are the balance sheets of Company A, a holding and selling Company, and Company B, a manufacturing company. A large part of the products of Company B is sold to Company A. The inventory of Company A curries a profit of $1000 over cost to Company B. The investment of Company A in the stock of Company B was made one year ago, at which time the surplus of Company B was $2000. Company A acquired a 75% interest in Company B.

Prepare a consolidated balance sheet. Be careful to prepare accurate working papers. Submit the working papers with your solution.

Cash	5000	Accounts Payable	4000
Accounts Receivable	3000	Accounts Payable to Co. B	2000
Merchandise	6000	Capital Stock	10000
Capital Stock—Company B (carried at cost)	8000	Surplus	6000
	22000		22000

Cash	1000	Accounts Payable	3000
Accounts Receivable	3000	Capital Stock	8000
Accounts Receivable—Co. A	2000	Surplus	4000
Merchandise	4000
Equipment	5000
	15000		15000

__________________________

20-B. Marketing.

[ROY J. BULLOCK, M.B.A., Instructor in Marketing. A. ., Doane College, 1925; M.B.A., Harvard University, 1927; Associate Professor of Business Administration, University of Oregon, 1927-28.]

A comprehensive study of the machinery encountered in present-day business that is utilized in the distribution of merchandise from the producer to the consumer, together with the policies governing its use. Attention is given to such subjects as retailing, wholesale trade, advertising, buying, cooperative marketing and the various types of functional middlemen, with particular regard to the place occupied by each in the general marketing structure. Detailed examination is made of the distribution of the more important commodities. A considerable amount of time is spent in the discussion of problems taken from business practice that pertain to the topics under consideration.

Three hours weekly through the year. Mr. BULLOCK. Mon., Tues., Wed., 8.30. Gilman Hall 312.

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 20-B

Tuesday, January 26, 1932.

Identify:
1. Fashion cycle
2. Wagon Jobber
3. Drop shipment
4. Emotional buying motives
5. Fabricating materials
6. Broker
7. Selling agent
8. Commission agent
9. Intensive distribution
10. Mill supply house
What advantages has the chain store over other types of retail institutions? What problems are more difficult for the chain store than for other retailers? Are your generalizations borne out by the history of the chain store movement?
Discuss the present problems of the wholesaler giving attention to the economic and social changes that have contributed to these problems and expressing your estimate as to the future in this field.
“What is needed is a greater appreciation and understanding of the underlying economic basis for the rise in the cost of distribution.” List and explain these underlying economic causes.
The Child Steel Company, which manufactured tubular steel products for automobiles, was forced into receivership in 1921. The embarrassment of the company was attributed to its dependence on a single industry for disposing of its product; when the slump occurred in the automotive trade in 1920, so many cancelations of orders were received by the company that it was left with inventories and commitments for raw materials which it could not continue to finance. In order to keep the plant running under the receivership, it was found necessary to look for orders outside the automotive industry, and a large order for tubular parts was obtained from a bedstead manufacturer which could be filled with only minor changes in the equipment of the plant. This order was handled so satisfactorily that in August, 1922, the receiver was considering the practicability of adding to the company’s line one or more new products in order to level its production curve and assure its future success. In considering this step the receiver was faced with the following question?
Would it be wise to attempt to develop the company’s market in a wider field than the automotive industry? If so, what new products should be produced? If it should be decided to continue manufacturing bedstead parts, should the company enter into competition with bedstead manufacturers by fabricating finished products, or should it continue the policy of selling parts to bedstead manufacturers?
Among the products manufactured by the Child Steel Company prior to its receivership were such tubular steel automotive parts as exhaust pipes, air pumps, manifolds, windshield tubing, and wheel rims. Distribution was secured partly through supply wholesalers but chiefly through a small force of technically trained salesmen who sold directly to manufacturers.
The advertising program of the Child Steel Company in 1921 consisted of one-page advertisements appearing once a month in both the Iron Age and a weekly automotive journal which had a circulation among retailers and manufacturers. Circular letters also were sent once a year to all automobile manufacturers who were not using Child products. An engineering department was maintained for the purpose of cooperation with the users of the firm’s products.
Before the depression of 1930, the Child Steel Company had sufficient orders for automotive products to keep its factory running at capacity. The few orders which were received in the latter part of 1921 and early in 1922 from customers outside the automotive industry were handled without additional equipment. Under the receivership the overhead of one month always was charged against the following month’s business; hence it was stated that the company was limited to selling products for which it could secure immediate payment and which would cover current overhead charges. In addition to the production of bedstead parts or finished bedsteads, it also was proposed that the company manufacture bicycle frames, wire tennis racket frames, vacuum cleaner handles, lawn-mower handles and rolls, tables for ice-cream parlors, and tubular parts for various sorts of electrical equipment.
The company could continue to manufacture tubular parts to be sold to bedstead manufacturers without installing additional equipment. The manufacture of complete bedsteads, however, would require a reorganization of the plant in order to provide at the minimum, for assembling, painting, and finishing departments. Although ordinarily the connecting bars were made of angle iron, these pieces, as well as the head and foot pieces, for bedsteads, could be made of rods and tubular steel which the company already produced, but it would be necessary either to buy the springs from other manufacturers or equip a part of the Child plant for the production of springs.
It was expected that it the company manufactured a finished product, a more stable and permanent market could be secured than if it continued the manufacture of parts which were sold to other manufacturers. It had been found that in times of depression the effect of price cutting in the steel trade was especially severe on those manufacturers who depended on other manufacturers for their market, whereas it seemed probable that by selling a finished product for retail distribution the company would be less likely to suffer from wide fluctuations in its market.
If the policy of manufacturing bedsteads were adopted, it was planned to establish the Child brand by advertising and to sell directly to retailers. It had not been decided whether the company should try to secure national distribution or confine its efforts to one or two localities.
There were numerous steel bestead manufacturers in the United States. One of the largest of these manufacturers advertised and distributed its beds nationally. It was one of the few companies that had its own tubular steel plants. Although several other firms in the bedstead trade also secured national distribution, a large part of the business was obtained by local manufacturers, each of whom concentrated his distribution in a local district und bought tubular steel and angle iron parts from iron and steel manufacturers. Many of these small firms did not advertise. Although a majority of the companies sold directly to retailers, several sold to wholesalers.

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 20-B Marketing

June 1, 1952

Identify:
1. Trade-mark
2. One price policy
3. Merchandising
4. Basis contract
5. Trading up
6. Trade mark act of 1920
7. Price maintenance
8. Consumer recognition
9. Selling agent
10. Elastic demand
Define quantity discount, protective discount, and deferred discount. Explain the usefulness of each in sales strategy.
—
1. Describe in detail the ways in which the Agricultural Marketing Act was intended to aid agriculture.
2. What are the chief obstacles that must be overcome if the cooperative marketing of agricultural products is to be successful? What is your opinion as to the future of cooperative marketing in this country?
—
1. What factors determine whether or not a manufacturer of fabricating parts or fabricating materials should advertise his product to consumers?
2. Discuss the advantages and disadvantages of a private brand from the point of view of a grocery chain.
Adam Smith in the “Wealth of Nations” makes the statement that division of labor is limited by the extent of the market. To what degree does this generalization justify modern marketing practice?

__________________________

21-B. Sales Management.

[ROY J. BULLOCK, M.B.A., Instructor in Marketing. A. ., Doane College, 1925; M.B.A., Harvard University, 1927; Associate Professor of Business Administration, University of Oregon, 1927-28.]

The first part of the course deals with management of the marketing functions of a business from the point of view of its administrative officers. Attention is given to such matters as sales organization, market analysis, prices and terms of sale, selling methods and management of sales force. The second part of the course is a study of the administration of retail accounting, store location and layout, purchasing policies, retail organization, advertising and display, and store operation. In both parts of the course the work will consist primarily of the study of problems encountered in business practice, supplemented by outside reading and research.

Three hours weekly through the year. Mr. BULLOCK. Mon., Tues., Thurs., 9.30. Gilman Hall 310.

EXAMINATION
POLITICAL ECONOMY 21-B

Friday, January 29, 1932 – 9 a.m.

What general rules can you give for districting sales territories?
What is the relation between sales potentials and sales quotas?

II.

“Industry in general is just now beginning to recognize that merchandising is a specialized function.” Define merchandising. What types of problems would a merchandise manager deal with? In what respect is “trading down” a merchandising problem?

III.

(a) What general sources of information are available for sales research and market analysis?

(b) Draw up a set of general rules for procedure in making a market analysis.

(d) Compare the mail questionnaire with the personally presented questionnaire for use in market survey work.

IV. and V.

Tosdal, Problems in Sales Management, page 255, Problem 37. Grade Manufacturing Company. Discuss each of the six possible methods of distributing the product mentioned on page 259 and recommend the one you think is best.

EXAMINATION
Political Economy 21-B
(Sales Management)

Friday, June 3, 1932 — 9 a.m.

Identify:

Drawing account
Functional Foremanship
Bonus
Budget
Decentralized control
Sales foremanship
Dealer helps
Departmentization on basis of outlet
Line and staff organization
Rex Cole

II.

1. Should a separate department be established to do sales planning and research? Where should it be placed in the sales organization? Why?
2. What should be the relation of the sales department to the credit department?

III.

1. Discuss the personal interview as a means of selecting salesmen. Outline methods for improving its effectiveness.
2. Should a company make written contracts with the salesmen it employs?

IV.

1. Discuss the value of test campaigns to the manufacturer.
2. What are the advantages and disadvantages of flat expense allowances for salesmen?

“Sales departments vary widely in the functions which they perform and in the work for which they are responsible.” — Tosdal, Problems in Sales Management, p. 536. Illustrate the meaning of this statement. How do you account for such variation?

__________________________

22-B. Commercial Law.

[ROGER HOWELL, Ph.D., of the University of Maryland, Lecturer in Commercial Law.]

The course will offer a study of certain branches of law which are of especial importance in the business world, from a practical point of view with the purpose of giving the student a general working knowledge of the problems met and of the general principles applicable thereto. Special attention will be devoted to the law of Contracts, Agency, Bailments, Sales, Negotiable Instruments, Partnership, Corporations, Bankruptcy, and the Administration of Estates of Insolvents and Decedents.

Two hours weekly through the year. Dr. HOWELL, Thurs, Fri., 8.30. Gilman Hall 314.

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
Political Economy 22 (Commercial Law)

January 27, 1932.

A, who was engaged in the wholesale furniture business, sent a circular letter to all retail furniture dealers in Baltimore, saying: “I enclose a complete list of all furniture in my show rooms and warehouse; you can inspect the same on January 11, 12 & 13, 1932. I invite you to send in a sealed bid for the entire stock. Bids will be opened at noon on January 15th, and if you are the highest bidder, I will advise you.” B submits the highest bid and demands delivery of the stock. A refuses, and B sues A Judgment for whom?
A, in Galveston, sold to B of Liverpool 1000 bales of cotton under a written contract which provided that the cotton was “to be shipped on the Steamship Eastern Star”. A shipped 900 bales by the Eastern Star and 1000 bales by the Steamship Western Star. At Liverpool he tenders B first the 900 bales shipped by the Eastern Star, which B refuses. He then tenders the 1000 bales shipped by the Western Star, which B also refuses. All the cotton was of the same grade. The price of cotton has fallen sharply, this being the chief reason for B’s refusal to take it. Is B within his rights in refusing to accept each of A’s tenders?
X, Y & Z are engaged in business under the firm name of the Prime Hat Company. In their business they use order blanks on which the firm name is printed at the top. A gives a verbal order for $500. worth of goods to X, who enters the order in duplicate on the firm order blanks, keeps one copy and gives the other to A, but does not sign either. Subsequently the firm refuses to fill the order and A sues. Judgment for whom?
A sells his grocery business to B, B agreeing orally to pay therefor a lump sum in cash and to pay all outstanding obligations incurred by A for goods and merchandise for the store. B paid the cash and took possession. C has a claim against A for some canned goods sold to A on credit white A was running the store. This claim has not been paid. Can C hold B for it?
On Monday morning at 9 o’clock A in Baltimore sends the following telegram to B in Chicago:— “Will sell 100 shares Steel common at 45. (Signed) A”. This telegram reaches B at noon, Monday. On Tuesday morning B writes and mails a letter to A accepting the offer. This letter reaches A Wednesday afternoon at 4 o’clock. Meanwhile the market had rallied and at the close of the Stock Exchange at 2 p.m. Wednesday Steel common was selling at 50. A refuses to deliver the stock and B now sues him for damages. Is A libel?
A, a contractor, contracts with B, a property-owner to do the excavation work for the foundation of a building for $4000. The contract provided that the foundations were to go down to a depth of 30 feet. At 15 feet solid rock is unexpectedly encountered, making the work much more expensive than A had expected: he tells B he is going to quit. B offers him $2000. additional to complete the work. A accepts, and completes the work. B refuses to pay more than $4000. Is A entitled to the additional $2000.?

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 22
(Commercial Law)

June 2, 1932

A is agent for P to sell books. He sells a set to T, allowing easier terms than he was given authority to allow. P on learning of the transaction sends the books to T, but notifies him that he must pay for them on the terms which A was authorized to allow. T keeps the books, but refuses to pay except on the terms allowed him by A. Which prevails, T or P?
—

(a) A, an investment broker, is given specific instructions by P to buy certain securities. A has information which causes him to think these securities are a bad investment, and buys others instead. The investment results in a loss to P. What are P’s rights against A?

(b) A is P’s agent in a foreign country for the sale of P’s goods. A war is declared which seems likely to interfere with his chance of selling the goods in accordance with his instructions. He proceeds to sell them at once for the best price obtainable. The sale results in a loss to P. What are P’s rights against A?

P employs A to rebuild his house under a contract by which A agrees to furnish competent workmen at a certain daily rate and to charge for material at cost, plus 10 per cent. The work is to be done under the supervision of P’s architect. Needing an engine on the work, A hires from T an engine for $150 a week, to be operated under the direction of T’s engineer. The engineer negligently allows the pressure in the boiler to become too great and it explodes, injuring X. X sues P, A, T, and the engineer. What are his rights against each?
—

(a) B writes to S, a manufacturer of tables, saying: “Please ship me one #x27 Sturdimake table this being the description of one of S’s makes of tables in his catalogue). I want a table that will hold a weight of at least 1000 pounds.” S ships such a table and it breaks under a strain of 900 pounds. There is no representation in the catalogue as to the weight which any of S’s tables will hold; S’s #29 table, however, would have held the weight desired. Is there any breach of warranty by S?

(b) Would it make any difference in the above case if the table sent had been defective and had broken under a strain of 200 pounds?

(a) S sells to B all the bricks in a certain yard for an agreed price, it being understood that B may remove the bricks any time within 3 months, but must pay the price before removal. In whom is the title after the agreement but before removal or payment? Suppose B neither removes the bricks nor pays?

(b) Suppose that in the above case, the price was fixed at $15, per thousand for bricks of first quality and $10 for those of second quality, it being understood that S should have his experts examine them and determine the relative quantities of each and that B would accept this determination. In whom is title after the agreement but before the examination by S’s men?

(c) Suppose the sale was of 10,000 first quality bricks only, there being a much larger quantity in the yard, at an agreed price, it being understood that B’s experts should select the bricks. In whom is title after the agreement but before the selection?

(d) Would it make any difference in either of the last two cases if the contract expressly declared an intention that title should pass to B at once?

S contracts with B to manufacture, sell and deliver to B and put in running order a certain machine. He does so. B finds it unsatisfactory and notifies S that he rejects it. He continues to use it, however, for 3 months, continually complaining of its defective condition. He then takes it down and notifies S to come and get it. S comes back with a demand for the purchase price. What are the rights of S and B?

Sources:

The course announcements:

The Johns Hopkins University Circular. New Series, 1931, No. 3 (Whole Number 423). The College of Arts and Sciences of The Johns Hopkins University 1931-1932, pp. 36-37.

The Johns Hopkins University Circular. New Series, 1931, No. 5 (Whole Number 426). School of Business Economics, 1931-32.

The examination questions:

The Johns Hopkins University. The Eisenhower Library. The Ferdinand Hamburger, Jr. Archives. Department of Political Economy Series 6. Box 2 “Curricular Materials”; Folder “Exams 1930-1935”.

Image Source: Johns Hopkins University yearbook, Hullabaloo 1932.

Tags Barnett, BullockRJ, CooperHE, EvansGH, HowellR, MitchellB, Weyforth

Exam Questions Johns Hopkins Undergraduate

Johns Hopkins. Undergraduate economics examinations, 1921-1922

Post author By Irwin Collier
Post date 2022-02-09

Mid-year and year-end exams for the undergraduate political economy courses at Johns Hopkins for the academic year 1921-1922 have been transcribed for this post. Exams for the second semester of Political Economy V and VI were not found in the department’s file of old examinations. Names of instructors with their educational backgrounds along with short course descriptions are provided below as well.

_______________________________

Previous years’ exams transcribed

Undergraduate exams for 1919-20.

Undergraduate exams for 1922-23.

Undergraduate exams for 1923-24.

_______________________________

Johns Hopkins Faculty 1921-22
For Undergraduate Courses in Political Economy

Weyforth, William Oswald, Ph.D., Associate in Political Economy.

A.B., Johns Hopkins University, 1912, and Ph.D., 1915; Instructor, Western Reserve University, 1915-17.

Mitchell, Broadus, Ph.D., Instructor in Political Economy.

A.B., University of South Carolina, 1913; Fellow, Johns Hopkins University, 1916-17, and Ph.D., 1918.

Barnett, George Ernest, Ph.D., Professor of Statistics.

A.B., Randolph-Macon College, 1891; Fellow, John Hopkins University, 1899-1900, and Ph.D., 1901.

Jacobs, Theo, A.B., Associate in Social Economics.

A.B., Goucher College, 1901; Federated Charities of Baltimore (District Assistant, 1905-07, District Secretary, 1907-10, Assistant General Secretary, 1910-17, Acting General Secretary, 1917-19).

Sources:

Academic Rank in 1921-22 from The Johns Hopkins University Circular, New Series 1922, No. 7. Report of the President of the University 1920-1921 (November 1922), p. 70.

Academic biographical data from The Johns Hopkins University Circular, University Register 1922-1923, No. 342, January 1923. Announcements for 1923-1924.

_______________________________

UNDERGRADUATE COURSES
1921-22

Political Economy I. Three hours weekly, through the year. In the first half-year the economic development of England and the industrial experience of the United States were studied. In the second half-year particular attention was given to the history of distribution and its application to leading economic problems. (Dr. Weyforth and Dr. Mitchell.)

Political Economy II. Three hours weekly, through the year. In the first half-year a preliminary study of the value and place of statistics as an instrument of investigation was made; attention was directed to the chief methods used in statistical inquiry. In the second half-year the principles of monetary· science were taught with reference to practical conditions in modern systems of currency, banking and credit. (Professor Barnett and Dr. Weyforth.)

Political Economy IV. Three hours weekly, through the year. In the first half-year the problems growing out of modern industrial employment were studied. In the second half-year the history of the industrial corporation was studied. (Professor Barnett and Dr. Mitchell.)

Political Economy VI. Three hours weekly, through the year. In the first half-year the applications of statistics to business and economic problems, such as price levels, cost of living, wage adjustments, business cycles, and business forecasting, were considered. In the second half-year the theory and practice of finance was considered, with particular reference to the problems of taxation presented in the experience of the United States. (Dr. Weyforth and Dr. Mitchell.)

Political Economy VII. Two hours weekly, through the year. History and development of social work. The responsibility of the State and private organizations toward the dependent, defective, and delinquent. (Miss Theo Jacobs.)

Source: The Johns Hopkins University Circular, New Series 1922, No. 7. Report of the President of the University 1921-1922 (November 1922), pp. 56-57.

_______________________________

THE JOHNS HOPKINS UNIVERSITY
POLITICAL ECONOMY I
(Academic Section)

January 30, 1922 — 2-5 P.M.

What was the economic situation of England during the Roman occupation?
Describe the economic strength and weakness of the manorial system, and show how the feudal plan suggests the Single Tax scheme.
What elements in gild life would be welcome in our present industrial order, and what elements of the medieval arrangement would be impossible with us at present?
Tell what you know of trading in England in the middle ages.
Suppose half the people of the United States should die inside of two or three years. What would be the chief economic consequences?
Trace the gradually developing economic freedom of the lowest order of workers in England. Did peasants benefit more from the breaking up of the manorial system, or journeymen and apprentices from the collapse of the gilds?
What was the economic condition of England on the eve of the Industrial Revolution?
What is the significance of the Industrial Revolution? How did the factor system differ from the factory system?
Define briefly: enclosures, Peasants’ revolt, Gresham’s Law, Steelyard, steward, serf or villein, apprentice, domestic system, Doomsday Book, Statute of Artificers, staple, virgate.
What is the chief thing you have learned in this semester?

JOHNS HOPKINS UNIVERSITY
EXAMINATION IN POLITICAL ECONOMY I
(Academic Section)

Wednesday, May 31 — 2-5 P.M.

What distinction would you draw between history, political science, and political economy? Explain fully.
What facts in the industrial history of England illustrate economic principles that we have dwelt upon?
Define: Wealth, capital, labor, time discount, wages of superintendence, consumer’s surplus, real wages, economic good, marginal productivity, entrepreneur.
Explain carefully the differential principle of rent. With whose name do we link this theory, and how did Henry George employ the law of rent to justify the Single Tax?
What was the wage-fund theory, and how was it used to discourage trade unionism?
Comment fully on this passage from Adam Smith: “Nothing is more useful than water; but it will purchase scarce anything; scarce anything can be had in exchange for it. A diamond, on the contrary, has scarce any value in use, but a very great quantity of goods may frequently be had in exchange for it.”
What accounts for the phenomenon of interest?
What is meant by pure profit?
Comment upon the decision of the Supreme Court of the United States in declaring the national act imposing a 10% tax on the net profits of industries employing children unconstitutional.
Give, briefly, as many arguments as you can for and against trade unionism?
State the number of firms interviewed by you in connection with the survey of the industrial life of the Negro in Baltimore.

RE-EXAMINATION
POLITICAL ECONOMY I.
[Handwritten note: Late June 1922]

Define the following terms: “entrepreneur”, “marginal utility”, “capital”, “labor”, “diminishing returns”.
Explain fully the differential principle of rent.
Name and describe briefly four theories of wages.
What in your judgment is the best justification for trade unions?
What seems to you the most reasonable theory of interest?
Explain the theory of value to which most emphasis was given in the lecture.

_______________________________

POLITICAL ECONOMY 1.
Dr. Weyforth

Monday — January 30, 1922 — Afternoon.

Describe the chief characteristics of the economic life of the towns in England during the sixteenth and seventeenth centuries.
What was the industrial revolution? What new conditions and what problems in economic life resulted from it?
Define the following terms: goods, free goods, economic exchange value, price,
Explain the underlying principles of “scientific management” in production. State and explain the attitude of organized labor toward scientific management.
Explain how market price is determined under conditions of competition. What is the relationship between market price and expenses of production?
Describe the principal forms of combination that have been used in the United States. Outline the main features of Federal legislation concerning combinations.
What is meant by standard money? What are the requirements of a bimetallic standard? Outline the main features of the monetary legislation of the United States.
What is a corporation? How is it brought into existence? What are its advantages as compared with the partnership or individual enterprise? Describe the principal securities through the issue of which its capital is obtained.

JOHNS HOPKINS UNIVERSITY
POLITICAL ECONOMY 1
(Engineering Group)

[N.B. falsely filed as a 1923 exam]

Wednesday, May 31.

Define the various types of credit. Explain how bank credit serves as a substitute for money as a medium of exchange,
Explain the factors that a bank officer takes into consideration in judging of the credit standing of a borrower,
What is the fallacy involved in the mercantilist theory of the desirability of a favorable balance of trade?
Explain the theory that each factor in production tends to receive a share of the product corresponding to its marginal productivity.
What is interest? Give an analysis of the forces that determine its rate.
How do you account for inequalities in the personal distribution of wealth? Why is less inequality desirable? How could it be effected?
What are some of the outstanding economic characteristics of railroad transportation? Explain their bearing upon the following: (a) practice of charging what the traffic will bear; (b) large variations in net earnings with small variations in traffic; (c) cut-throat nature of competition that sometimes develops.
What is socialism? Give briefly the arguments for and against

_______________________________

POLITICAL ECONOMY II.

Thursday, February 2, 1922 — 9-12 A.M.

What is the distinction between a census and a registration?
Define an average. Illustrate by defining the arithmetic mean, the mode and the median.
Define an index number. Explain the difference between the aggregate and the relative methods of constructing an index number.
Taking the following group of figures calculate the standard deviation:

Height of men	No. in Class
5.6 — 5.7	28
5.7 — 5.8	42
5.8 — 5.9	65
5.9 — 5.10	78
5.10 — 5.11	164
5.11 — 6.0	92
6.0 — 6.1	46
6.1 — 6.2	7

For the same group, calculate the mode.
For the same group, calculate the mean.

JOHNS HOPKINS UNIVERSITY
POLITICAL ECONOMY II
Money and Banking
Dr. Weyforth

Friday, June 2

What is bimetallism? What are the chief requisites of a bimetallic standard? What principles do the bimetallists depend for maintaining the concurrent circulation of gold and silver?
Define credit. What are the various kinds of credit? Distinguish especially the difference between investment credit and mercantile or commercial credit?
What is the function of the commercial paper house or note broker in present day commercial banking?
What is (a) a trade acceptance and (b) a bank acceptance? Explain their use and advantages.
What problems are presented to bankers (a) by seasonal fluctuations in business and (b) by cyclical fluctuations in business?
Describe the organization of the Federal Reserve System.
In what way does the Federal Reserve System provide for elasticity in currency and elasticity in credit?
What is the principle that governs the distribution of gold among the nations of the world under normal conditions such as those existing before the war?

_______________________________

THE JOHNS HOPKINS UNIVERSITY
POLITICAL ECONOMY IV
(Labor Problems)

February 2, 1922 — 9 A.M.-12M.

What are the principal reasons for believing that trade unionism and employers’ associations did not originate in the medieval gilds?
State in some detail who Francis Place was and explain his service to trade unionism.
What present-day evidences have we of the spirit which characterized the English combination acts?
State the arguments for and against the “closed shop”.
What do you know of the history of strikes?
Give your estimate of the purposes and progress of workers’ education in England and in the United States?
In the light of what you have learned, do you believe compulsory arbitration likely to promote industrial peace? What would you make the main provisions of a compulsory arbitration law could such be passed by congress?
Speak of the trade agreement and its significance.
Describe briefly one of the books you read during this course.
What do you think will be the next important development in the labor movement in this country?
List the books you have read for this course.

EXAMINATION IN POLITICAL ECONOMY IV.

Friday, June 2nd, 1922, (3-5 p.m.)

What are the advantages and disadvantages of the partnership?
Why is a complex capitalization usually superior to a simple form of capitalization?
What is the distinction between preferred and common stock as to (a) income, (b) control, (c) risk?
Define mortgage bonds, debenture bonds, income bonds, collateral bonds and equipment trust bonds.
What is meant by amortization? Under what circumstances is some provision for amortization necessary for the protection of the bond-holders?
What is the distinction between an underwriting syndicate with undivided liability and a syndicate with divided liability?
Does a stock dividend theoretically increase the total value of the stock outstanding? Practically how does it frequently work and why?
What are the advantages of the holding company form of organization?

_______________________________

POLITICAL ECONOMY VI
Dr. Weyforth.

Tuesday — January 31, 1922 — Afternoon.

Explain the construction of a logarithmic chart. What are its advantages?
Explain and illustrate the construction of (a) an index number of relatives, and (b) an index number of aggregates. What advantages are claimed for the latter?
Describe the way in which the Bureau of Labor Statistics index number of the total cost of living is constructed
What is the utility of an index number of the physical volume of production? Explain how Professor Stewart and Professor Day respectively constructed their index numbers.
Explain as fully as you can the system employed by the Harvard University Committee on Economic Research for the forecasting of business conditions.

_______________________________

[POLITICAL ECONOMY VII.]
SOCIAL ECONOMICS
Miss Jacobs.

Monday — January 30, 1922 — Morning

Give the arguments for and against public outdoor relief.
Give the war and peace time activities of the American Red Cross.
What is the Confidential Exchange of Information? What is its value to the community?
What are the effects of dependency and delinquency upon the community?
Give some of the causes of poverty. Tell how some of them may be lessened or eradicated.
Give the objects and aims of three (3) social organizations that seem the most important to you.

Source: Johns Hopkins University. Eisenhower Library. The Ferdinand Hamburger, Jr. Archives. Department of Political Economy, Series 5/6. Box No. 6/1, Folder “Exams 1907-1924.”

Image Source. Gilman Hall image from the 1924 edition of the Johns Hopkins’ yearbook Hullabaloo.

Tags Barnett, Jacobs, MitchellB, Weyforth

Economics Programs Exam Questions Johns Hopkins Undergraduate

Johns Hopkins. Exams for Undergraduate Political Economy Courses, 1923-1924

Post author By Irwin Collier
Post date 2021-07-26

Several undergraduate course exams for the 1922-23 academic year at Johns Hopkins University in Political Economy have been posted earlier. The exams for 1919-20 have also been transcribed. A more complete (though still incomplete) sample is available the the university archives for the following year and which have been transcribed for this post.

_______________________________

Johns Hopkins Faculty
for the Undergraduate Courses in Political Economy
1923-1924

Barnett, George Ernest, Ph.D., Professor of Statistics.

A.B., Randolph-Macon College, 1891; Fellow, John Hopkins University, 1899-1900, and Ph.D., 1901.

Weyforth, William Oswald, Ph.D., Associate Professor of Political Economy.

A.B., Johns Hopkins University, 1912, and Ph.D., 1915; Instructor, Western Reserve University, 1915-17.

Mitchell, Broadus, Ph.D., Associate in Political Economy.

A.B., University of South Carolina, 1913; Fellow, Johns Hopkins University, 1916-17, and Ph.D., 1918.

Jacobs, Theo, A.B., Associate in Social Economics.

A.B., Goucher College, 1901; Federated Charities of Baltimore (District Assistant, 1905-07, District Secretary, 1907-10, Assistant General Secretary, 1910-17, Acting General Secretary, 1917-19).

Newlove, George Hills, Ph.D., Associate in Accounting, School of Business Economics.

Ph.B., Hamline University, 1914; A.M., University of Minnesota, 1915; Ph.D., University of Illinois, 1918; C.P.A. (Ill.), 1918; C.P.A. (S.C.), 1919.

Gillies, Robert Carlyle, A.B., Instructor in Political Economy.

A.B., Princeton University, 1920.

Source: The Johns Hopkins University Circular, University Register 1922-1923, No. 342, January 1923. Announcements for 1923-1924.

Biographical information for George Hills Newlove found in John J. Kahle American Accountants and their Contributions to Accounting Thought, 1900-1930. Routledge Library Editions: Accounting, 2014.

_______________________________

UNDERGRADUATE COURSES
1923-24

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

Three hours weekly through the year. Associate Professor WEYFORTH, Dr. MITCHELL and Mr. GILLIES.

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. Mr. GILLIES.

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. Associate Professor WEYFORTH.

American Trade Unionism.

The history, structure and functions of American trade unionism are studied.

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

Labor Problems.

The problems growing out of modern industrial employment will be studied.

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

(Course 5 will not be given in 1923-24.)

Corporation Finance.

The theory and practice of corporation finance are considered , with particular reference to the problems presented in the United States.

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

Investments.

Includes historical and analytical description of the more important forms of investments and theories of valuation and amortization.

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

(Course 7 will not be given in 1923-24.)

Applied Statistics.

The applications of statistics to business and economic problems, such as price levels, cost of living, wage adjustments, business cycles, and business forecasting, are considered.

Three hours weekly, first half-year. Associate Professor WEYFORTH.

Foreign Trade and Exchange.

The economic principles of international commerce, the methods of conducting foreign trade, and the theory and practice of foreign exchange will be studied.

Three hours weekly, first half-year. Associate Professor WEYFORTH.

(Course 9 will not be given in 1923-24.)

Business Organization.

This course is designed not only to show the structure of typical business entities, but their methods of formation and expansion. The common forms of securities are examined. Operation and administration of business units and the processes of marketing are studied in detail.

Three hours weekly, second half-year. Mr. GILLIES.

Accounting.

This course deals with the fundamental principles underlying the recording of business transactions in the accounting books and records, and the preparation of balance sheets and statement of profit and loss for single entrepreneurs, partnerships, and corporations.

Four hours weekly, through the year. Dr. NEWLOVE.

Economic History.

This course is designed to furnish a background for the study of economic principles and special phases of economic activity. It is a particular purpose of the course to show the relationship between economic fact and economic and political theory and practice.

Three hours weekly, through the year. Dr. MITCHELL.

Social Economics.

The history and development of charitable and social agencies are traced. Causes and treatment of cases of dependency and delinquency are discussed.

Two hours weekly, through the year. Miss JACOBS.

Source: The Johns Hopkins University Circular, University Register 1922-1923, No. 342, January 1923. Announcements for 1923-1924, pp. 255-256.

_______________________________

Examinations for
Undergraduate Political Economy Courses
Johns Hopkins University
1923-1924

POLITICAL ECONOMY I “A”

February 5th, 1924—9-12 A.M.

Compare the manorial system with farming at the present time. Compare the system of industry in towns during the middle ages with the modern industrial system.
What is meant by the “industrial revolution”? What theories in regard to the proper relationship of the state to industry, developed at this time? Explain. Compare these new ideas with the theory and practice preceding. What is the tendency of present theory and practice as regards state interference with industry?
(a) “Labor alone is the producer of wealth; take away labor and not all the capital in the world could produce anything.” Allowing the second clause to be true as a statement of fact, does it prove the proposition contained in the first? Explain.
(b) “Discovery and invention have doubtless played a very large part in securing our present high industrial efficiency. But they are not the whole thing. The increase of capital has been equally necessary; for, without capital, invention could have accomplished little or nothing.” Defend and illustrate the last sentence.
Explain how market price is the result of the forces of supply and demand. Illustrate by tables and diagrams showing supply and demand. At what point does price tend to be fixed? Why?
Define the following: (a) utility; (b) diminishing utility, (c) marginal utility. Why can we say that the market price of a good corresponds to the marginal utility of that good to the marginal consumer?
In general, what is the relationship between cost of production and market price? What is the relationship between the cost of production of two goods produced under conditions of joint cost and the selling prices of those goods? If the price of cotton seed oil should rise, what would tend to be the effect upon the price of cotton fibre? Why?
What are the functions of money? What is meant when it is said that we have a “gold standard” in the United States? What are the actual kinds of money in use in the United States?
What is credit? What service does it perform in the modern economic system? What is the difference between a promissory note and a bill of exchange? What use does the business man make of a commercial bank?

POLITICAL ECONOMY I “A”
[Dr. Weyforth]

Thursday; May 29, 1924—9 a.m.

Explain the economic factors that must be taken into consideration in determining Germany’s capacity to pay reparations. How will Germany obtain funds abroad with which to make such payments?
What policy should be pursued by the business man during a period of cumulating prosperity? What would be the policy of banks during such a period?
Explain the principles determining the rent of land. If the price of wheat is $1.50 per bushel, what rent could be paid for the use of an acre of land that yielded 30 bushels at an average cost in labor and capital of $1.25 per bushel? Would the tendency be for any of these bushels to cost the producer $1.50? Explain.
How do you account for the great differences in the wages of railroad presidents and of unskilled laborers? Suggest a general program for our society that would tend to bring about a much greater degree of equality in the returns for labor service than now prevails.
Explain why interest can be paid and why it must be paid. What is the effect upon the rate of interest of (a) increased saving, (b) inventions making possible the use of more elaborate machinery, (c) war? Explain.
What is the nature of the railroad problem in the United States? Describe briefly the history of our governmental policy toward railroads. What possible methods of handling the problem are open to us at the present time?
Distinguish socialism from anarchism and syndicalism. What would you say is the fundamental idea in socialism? What criticisms do the socialists make of our present economic system? Give a critical estimate of socialism.
What would you expect to be the relation between the goods exports and the goods imports of a country during the following periods:
1. When it is first open to settlement or to industrial enterprise;
2. When it has become quite well supplied with imported capital goods;
3. When its citizens begin to make investments in other countries;
4. When a relatively large amount of such foreign investments have been made.

Explain the reasons for your answer. In which of the above stages is the United States? England? Mexico?

POLITICAL ECONOMY I “B” [Mitchell.]

Tuesday, February 5th, 1924—9-12 A.M.

What are the distinctions between the physical sciences and the social sciences?
Why is our interest turning at this time to production?
Define briefly: consumer’s surplus, capital, wealth, “unearned increment”, diminishing returns.
What is the chief criticism to be made of cost theories of value?
(a) Why is it sometimes to the advantage of an individual landowner to withhold his land from use?
(b) How does the withholding of land from use affect the incomes of landlords as a class?
(c) Can a tax on land be shifted from owner to occupier?
What do you understand by Ricardo’s “iron law of wages”?
(a) Why is interest paid? (b) Why did the schoolmen of the Middle Ages object to interest?
What is the justification of a progressive income tax?
State all you know about the personnel of the new labor government in Great Britain.

POLITICAL ECONOMY I “B”
Elements of Economics

Thursday, May 29, 1924

Discuss the several sorts of monopoly.
What are the advantages of the corporate form of business enterprise?
(a) What is the justification for a progressive income tax?
(b) Compare the advantages of financing a war by taxation and by borrowing.
Describe briefly the Federal Reserve System.
What are the economic and social effects of inflation?
Discuss the main doctrines of Karl Marx.
What are the chief benefits and drawbacks of a cooperative system as opposed to a competitive system?
(a) Discuss the origin of trade unionism.
(b) Distinguish between the purposes and methods of the I.W.W. and the unions affiliated with the A.F. of L.

POLITICAL ECONOMY I “C”

February 5th, 1924—9-12 A.M.

What are the strengths and weaknesses of the present economic system? What are its present tendencies? Under what conditions should the state interfere in our economic processes, and how?
Summarize the case for competition as opposed to (a) private monopoly; (b) state ownership. In what type of cases would private monopoly under state regulation offer the best solution?
How is the price of labor affected by changes in the volume of immigration? By shifting of the negro population? What classes of labor would be affected? Relate your answer to the fact that wages rose constantly in the United States from 1897-1921.
(a) Given the following data:

	Price (Dollars)
	3.00	4.00	5.00
Demand (units)	52	46	30
Supply (units)	24	35	56

Calculate the elasticity of demand at $4.00.
(b) What are the conditions that make for a slow rate of diminishing utility?

Is there any necessary connection between monopoly and “big business”? What is the difference between a partnership and a corporation in (a) legal requirements and liability, (b) structural organization, (c) comparative advantages?
Define non-cumulative-participating-preferred stock; holding company; general-mortgage bond. Give the principal features of the Sherman Act. Name some methods of unfair competition.
Would wheat be a satisfactory money commodity? Would diamonds? Give reasons for your answers. What is meant by the “gold standard”? What has been our experience with bimetallism? Can it work?
What is meant by “fiat” money? Were the greenbacks fiat money? Were the Federal Reserve notes issued during the World War fiat money? Why did prices go up during both wars? Is this necessary? Why?
Describe the Federal Reserve System, its chief functions, changes it produced in our money and banking system, etc. How are checks cleared under the system?
What is the quantity theory of money? What would be the effect upon prices of (a) adopting bimetallism, (b) increased bank reserve requirements, (c) a national fad for gold ornaments, (d) a higher rediscount rate, (e) enforcing seigniorage?
If the quantity of metallic money has not changed, nor the level of prices, how do you reconcile this fact with a change in the volume of business over the same period?

POLITICAL ECONOMY I “C”
[Mr. Gillies]

May 29, 1924—9 A.M.

Whom do you consider the most important factor in modern business, the landlord, the laborer, the capitalist, or the entrepreneur? Give reasons for answer.
What other elements must be separated from price movements before the business cycle can be recorded? How can you tell when business is near a crisis?
What is the purpose of the finance bill, and how does it operate? Discuss the merits and limitations of the doctrine of purchasing power parity, and tell what effect the maintenance of a high tariff by the United States against England has in the working of the doctrine as between these two countries.
Validate the statement that the only way Germany can pay her indemnity is by an excess of exports over imports.
Show how the mechanism of foreign exchange and international trade tends to produce like price movements all over the world.
Outline the argument for the utility theory of value as opposed to the cost of production theory of value and show the application of these arguments to the determination of the share of industrial earnings going per unit to land and to capital.
How is rent determined when the same land may be used for a number of different purposes? What has the varying intensivity [sic] of cultivation to do with rent?
What is the economic justification of labor unions?
Distinguish the attitude of British law and the Clayton Act in regard to labor disputes. What place does the concept of conspiracy play in the treatment by the courts of labor troubles in this country? Do you consider it just for the employer to bear the whole cost of industrial accidents? Is this the effect of our compensation laws?
How large a return must be imputed to capital goods in order that they may truly pay for themselves? Does the fact that the price of consumption goods, when traced back, ultimately resolves into rent, wages and interest mean that there is no such thing in the long run as profits? (Reasons)
Show roughly how income is distributed among our population. What can be done to improve this distribution.
Is an increasing percentage of the national income spent for governmental activity a sign of increasing extravagance? (Reasons) To what extent should a government borrow and to what extent should it support itself by taxation? What constitutes justice in taxation?
Distinguish direct and indirect taxes. Name some taxes of each kind. What taxes can be shifted? What determines the amount of shifting? What are the objections to a general property tax?

Examination in Statistics
(Pol. Econ. II)

January 31, 1924

What are some of the common sources of secondary data? Given the relative advantages and disadvantages of collecting data by (a) personal investigation, (b) questionnaires, (c) enumerators. Give examples where possible in all cases.
20 minutes.
Give the number and total capacity of box cars, coal cars, and other cars in the Eastern, Southern, and Western Districts of the United States, tabulate so as to show average capacity of these three types and of all cars in each district and in all districts; use letters with subscripts to represent data, e.g. capacity coal cars in the Southern District = C_cs.
30 minutes.
Sow the various ways in which the above data could be presented diagrammatically, pictorially, or graphically.
20 minutes.
Given the following data:

Article of Food	Consumption, 1901, per family	Average Retail Price per Unit
Article of Food	Consumption, 1901, per family	1913	1917	1920
Sirloin steak	70 lbs.	$0.25	$0.32	$0.35
Eggs	80 doz.	0.35	0.48	0.70
Milk	350 qts.	0.09	0.11	0.17
Potatoes	15 bu.	1.00	2.60	3.80

Show (do not compute) how an index number for these four commodities would be made up on

1. 1. Bradstreet’s method,
  2. Dun’s method.
  3. Compute the index number for 1917 and 1920 according to the method of the Bureau of Labor Statistics (base = 1913).
  4. What is the chief objection to an “average of relatives” index number?
    25 minutes.

5. (A or B).

1. How is an ogive constructed? Illustrate by sketch and show how the mode and the eighth decile may be determined from it. How is a percentage histogram constructed? What is its purpose?
2. Prove the general validity of the short-cut method of computing the standard deviation.
  15 minutes.

Given the following data:

Operating Revenues of Class I Carries Eastern District—1920 In Millions of Dollars
1	2	3	4	7	15	24	74	492
1	2	3	4	8	15	26	75	—
1	2	3	5	10	15	30	76	—
1	2	3	5	10	16	35	81	—
1	2	4	5	11	17	39	94	—
1	2	4	5	11	19	45	94	—
2	2	4	6	12	19	51	107	—
2	2	4	6	12	22	65 [?]	200	—
2	3	4	7	14	23	70	314	—
Arithmetic Average $32,268.

Calculate, showing operations, the quartile coefficient of dispersion and skewness (series is theoretically continuous).
Compute, in tabular form, the coefficient of dispersion based on the median (to nearest whole number of millions).
How many places are justified in the above arithmetic average, on basis of data shown? Calculate the coefficient of skewness based on the mode.
30 minutes.

Inflation of money is accompanied, or followed, by higher prices. Price fluctuations are measured roughly by index numbers. To the extent that inflation in one country exceeds that in another, its exchange in terms of the currency of the other country will depreciate. The following exercise is designed to test the tenth [sic, “truth”] of this doctrine.
Given the following data:

1920	Index Numbers		Sterling Cables New York Value £ in Dollars
1920	B.L.S.* (United States)	Statist⁺ (England)	Sterling Cables New York Value £ in Dollars
January	248	288	$3.68
February	249	306	3.39
March	253	307	3.72
April	265	313	3.93
May	272	305	3.85
June	269	300	3.95
July	262	299	3.86
August	250	298	3.63
September	242	292	3.52
October	225	282	3.47
November	207	263	3.43
December	189	243	3.63
* Bureau of Labor Statistics, Wholesale Prices. + The Statist, English journal of finance, Wholesale Prices.

Reduce the B.L.S. indices to relatives of the corresponding statist indices, and correlate these relatives with the price of sterling by Pearson’s method. Does result confirm the above theory? How would you modify the method to correlate the short time changes in the two variables? Compute the standard deviation for one variable in your table.
Explain log. How would you plot a logarithmic historigram of the B.L.S. index numbers?
40 minutes.

POLITICAL ECONOMY III

Monday, May 26, 1924—9 a.m.

What is standard money? State the requisites of (a) a gold standard; (b) a bimetallic standard; (c) a paper standard. State the advantages and disadvantages of each.
Explain the functions of a commercial bank, showing what economic services it performs. Distinguish the functions of a commercial bank from those of (a) a savings bank; (b) an investment banker.
Define, illustrate and explain the use of the following types of credit instruments: (a) promissory note; (b) bill of exchange; (c) trade acceptance; (d) bank acceptance.
Explain the connection between the loans and deposits of commercial banks. To what extent ordinarily can an individual bank increase its loans as the result of a cash deposit of $100,000? To what extent can the loans of the banking system as a whole be increased as the result of such an addition to the cash deposits of the system? Explain.
How does the Federal Reserve System provide for elasticity in currency and in credit? What is the need for such elasticity?
What is the need for the control of bank credit? How may this control be effected under the Federal Reserve System?
The Federal Reserve Bank of New York receives $8,000,000 of gold deposits.
1. If member banks take all their rediscounts in federal reserve notes, how much additional paper can the reserve bank rediscount for its members, assuming that it does not borrow at other reserve banks? Make no allowance for discount charges.
2. Answer the same question, assuming that member banks leave all their rediscounts on deposit.
3. Answer the same question, assuming that member banks take 1/5 of their rediscounts in federal reserve notes and leave the remainder on deposit.
4. Explain the quantity theory of money, showing the effect upon prices, of changes in the quantity of money, and of bank credit.

POLITICAL ECONOMY IV

January 31, 1924—9-12 A.M.

Define a trade union and indicate the distinctions between trade unions and other analogous associations such as cooperative societies, societies of physicians, etc.
Classify trade unions according to the character of the employer.
Sketch the historical development, by periods, of American trade unionism.
Describe the present structure of American trade unionism, indicating the relation of the national union to the other forms of organization.
Classify American national trade unions from the point of view of function.
Classify and discuss the methods of enforcement used by trade unions.
What is meant by collective bargaining? What is the economic justification for collective individual bargaining?
Describe the system known as scientific management and indicate why it has been opposed by trade unions.

POLITICAL ECONOMY VI
Corporation Finance

Monday, May 26, 1924

Define a “bond”. Describe the following classes of bonds: divisional bonds, guaranteed bonds, income bonds, convertible bonds.
Distinguish the capitalization, the capital, and the capital stock of a corporation.
Distinguish equipment bonds and equipment trust certificates.
Distinguish repairs, depreciation, and obsolescence.
Discuss the relative advantages of serial bonds and sinking fund bonds.
State and illustrate the law of balanced returns.
Describe the various financial devices which have been used in the expansion of American railways.
What is usually the nature of the agreement among the members under which an underwriting syndicate is formed?
A corporation with common stock of $1,000,000 wishes to secure additional capital. The stock has a par value of $100 and is selling at $150. The corporation offers additional stock at par to the amount of $200,000, or one share of the new for each five shares held. What will be the value of the rights? What will be the value of the stock after the issue is consummated? Explain your answer.
Define a “reorganization”, a “receivership”.

POLITICAL ECONOMY X
Business Organization

Monday, May 26, 1924—9 A.M.

Lectures

Discuss the relation between the problem of distribution and the density of population, proportion of inhabitants living in cities, etc. What part does credit play in this problem? Is it a cause or an effect?
What gains could be made in efficiency of our distribution system by the general state ownership and control of industry? Do you consider these possible gains sufficient grounds for the adoption of such a plan? (Reasons)
What is meant by scientific management? Why is the present a logical time for its introduction into business? What is the purpose of motion study, and what does it consist of?
Discuss the elements to be considered in locating an establishment. What is the proper balance between fixed and circulating capital (including investment in labor)? Why is (or is not) the cost-plus method of letting building contracts to be preferred to the lump sum method?
Discuss the advantages and disadvantages of profit-sharing as a method of stimulating employee efficiency.

Text: Stockder

What are securities? When is an industry said to be in the securities-capital stage? What are factors’ agreements? Why is it proper for railways to issue long term mortgage bonds, without sinking fund or serial retirement provisions, even to an amount exceeding the par value of stocks, and not for an ordinary industry to do so?
Describe the joint-stock company operating structure. Why is the business trust said to be superior to all other forms of business organizations? Are these two forms of organization common law or statute law?
Tell what you would do to organize a holding company which also to operate as an industrial company; including principal terms of agreements, regulations, etc.
Describe the formation of the Standard Oil trust of 1882, using sketch. Is Federal Incorporation an effective or desirable remedy for commercial abuses? (Reasons)
Have you completed the auxiliary reading, including supplementary forms in Stockder and pamphlets from U.S. Chamber of Commerce? If not, to what extent have you completed this reading?

POLITICAL ECONOMY XI
Accounting 1

January 30, 1924—9-12 A.M.

[Given the following items:]

Cash	$2,320
Inventory	$12,000
Accounts Receivable	$21,000
Reserve for Bad Debts		$1,500
Store	$20,000
Reserve for Depreciation		$7,000
Accounts Payable		$2,500
Capital Stock		$20,000
Surplus		$23,940
Insurance	$120
Wages		$500
	$55,440	$55,400

Purchased on credit $20,000; paid creditors $21,500. Credit sales were $30,000; collected from customers $45,000. Estimated amount of uncollectable accounts receivable on books $1,750. Depreciation for period was $2,000. Other cash disbursements: Wates $6,000, Dividends $10,000. At the end of the year the unexpired insurance was $60, inventory $11,000, accrued wages $400.
From the above starting point—closing trial balance and the interim adjustments given, prepare a closed ledger, a final balance sheet, and a profit and loss statement.

Describe two different ways of recording cash discounts on sales in the cash books. Do not mention any accounting books except the cash books.
Define the different kinds of indorsements used with negotiable instruments.
A note for $1,000, dated June 10, for 4 months, with interest at 7 per cent, was discounted July 30, at 8 per cent. Find the net proceeds under the rules of bank discount.

POLITICAL ECONOMY XI
Accounting 1
[Dr. Newlove]

May 28, 1924—9-12 a.m.

A and B start in partnership investing $10,000 and $8,000, respectively, on January 1. A withdrew $2,000 on May 1 and invested $2,000 on November 1. B invested $3,000 on March 1 and withdrew $3,000 on July 1. Give the entries for the above transactions together with the allocation of a net profit of $5,000 on the average investment basis.
X and Y, partners, sell their business to a new corporation, whose authorized stock of $50,000 is all paid to the partners. The balance sheet of X and Y is:

Cash	$5,000	Accounts Payable	$15,000
Merchandise	30,000	X, Capital	15,000
Accounts Receivable	25,000	Y, Capital	30,000
	$60,000		$60,000

Give the detailed closing entries of the partnership.

Give the detailed opening entries for the corporation in Problem 2.
(a)

Accounts Receivable	Reserve for Bad Debts
$75,000		$5,000

Make entry for a customer owing $500 who becomes bankrupt and pays 10 cents on the dollar.
(b)

Machinery	Reserve for Depreciation
$50,000		$4,000

A machine, which cost $1,000 five years ago, is sold for $400. The recorded depreciation on the machine is $500. Give the entry for sale.

C and D entered on January 1 a joint venture each contributing merchandise costing $5,000. C paid expenses of $1,000 on the same date. On July 1 C received a draft from the consignee for $15,000. Interest was allowed at the rate of 6 per cent per annum. Show the accounts on C’s books affected by the venture, if C settled with D on July 1.

POLITICAL ECONOMY XII
ECONOMIC HISTORY

January 29, 1924—9-12 A.M.

How does economic history differ from political history?
What did the Romans accomplish economically for Britain?
(a) What were the rights and obligations of the various classes under the manorial system
(b) Did William the Norman change the manorial plan fundamentally?
How were goods exchanged in England of the Middle Ages?
What were the facts which rendered the guilds suitable to the economic needs of the country at the time they flourished?
(a) What were the consequences of the “Black Death”?
(b) Of the “Peasants’ Revolt”?
What were the main facts of the Industrial Revolution, and what was the economic theory upon which it rested?
Tell something of (a) chartism; (b) the Factory Acts; (c) the rise of trade unions.
What is the present status of child labor legislation in the United States?
What have been the forces that have brought the Labor Party into power in England?

POLITICAL ECONOMY XII
ECONOMIC HISTORY

Saturday, May 24, 1924

What were the colonial policies of Great Britain?
(a) Give the chief economic doctrines of Alexander Hamilton.
(b) What was the connection between economic interests and the formation of the Constitution?
What were the chief economic causes and effects of the Civil War?
Discuss the economic and political consequences of the opening of the West.
What were the main routes covered by canals and railroads, and why were these selected?
Discuss the growth of trusts.
Why is the Federal Government gaining in power while the individual State Governments are losing power?
A factory needing 500 operatives is located in a farming community. What will be the likely economic results?
Discuss the tariff vs. free trade.

POLITICAL ECONOMY XIII
SOCIAL ECONOMICS

February 4^th, 1924—9-12 A.M.

Why are delinquency and dependency community problems?
Give the laws regulating school attendance in Maryland. Are they adequate?
Give the Child Labor Laws of Maryland.
Give the significance of the White House Conference of 1909. State the recommendations made. Give what you think the most important outcome of this conference.
Give the names of the social agencies in the Alliance of Charitable and Social Agencies. Describe the work of the Family Welfare Association and one other social organization in the federation.

POLITICAL ECONOMY XIII
SOCIAL ECONOMICS

Friday, May 30, 1924—9 a.m.

What are the functions of a Charities Endorsement Committee?
On what principles is social case work based? What is the difference in the meaning of social case work and social work?
Of what value is knowledge of social economics to the professional and business man?
Give the social functions of recreation.

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

Image Source: Gilman Hall, Johns Hopkins University. Hullabaloo 1924.

Tags Barnett, Gillies, JacobsT, Mitchell, Newlove, Weyforth

Exam Questions Johns Hopkins

Johns Hopkins. Midyear and Final Exams for Five Economics Courses, 1932-1933

Post author By Irwin Collier
Post date 2021-01-29

While on the whole I find these examination questions uninspired, I do wonder how one would have answered the last of the mid-year examination in economic history “Why is it that England had a socialist prime minister while the United States has an individualist president?”

_________________________

1C. Elements of Economics.

Three hours weekly through the year. Section 1: Dr. [George H.] Evans [Jr.], Thurs., Fri., Sat., 8.30, Maryland Hall 110; Section 2: Associate Professor [Broadus] Mitchell, Mon., Tues., Wed., 8.30, Gilman Hall 313; Section 3: Associate Professor [William O.] Weyforth, Mon., Tues., Wed., 11.30, Gilman Hall 314.

Particular attention is given to the theory of distribution and its application to leading economic problems.

Required of all students before graduation.

* * * * * * * * * *

THE JOHNS HOPKINS UNIVERSITY
Political Economy 1C
Mid-year Examination
Dr. Evans
February 1, 1933

Under what conditions do lower prices mean higher profits?
How do overhead costs affect the nature of competition?
A country innkeeper hires a man to cripple the automobiles of passers-by. Is this man a producer? Explain.
If each of our states were a separate nation, would we have less specialization than we have today? Explain.
“The marginal utility of a ton of coal to a householder is $7.20.”
1. Explain just what is meant by this statement.
2. Why is the marginal utility of coal different now from what it was during the war? Explain carefully.
Trace the history of bimetallism in the United States. What classes would be benefited if bimetallism were adopted in the United States in the near future?
“The price of each good is determined by the willingness of buyers to purchase the last unit of the supply that is sold.” Discuss.
A manufacturer buys out all his competitors. Assuming demand to be unchanged, can he now sell the former aggregate output at an advanced price? Explain.
From the following figures for three firms which constitute the only producers or possible producers in the field, construct the combined long run supply curve and also the combined average cost curve which would prevail in the long run

	Average Costs of Production for Each Firm
No. of Units	X	Y	Z
1	5	7	9
2	4.5	6	7.5
3	4.67	6	7.33
4	5	6.25	7.5
5	5.4	6.6	7.8
6	5.83	7	8.17

If the price in the market remains at $8 for a long period of time, how many articles will be supplied; what quantity will be produced by each firm? Suppose the price dropped to $7 and remained there.

* * * * * * * * * *

THE JOHNS HOPKINS UNIVERSITY
Political Economy 1C
Mid-year Examination
Dr. Mitchell
February 6, 1933

Give a definition of Political Economy.
What are the relative importances today of Production, Exchange, Distribution, and Consumption of wealth?
Is the enterpriser gaining or losing in importance as an economic agent?
Define capital and discuss the capitalistic method of production and exchange of wealth.
Explain the marginal utility concept of value.
Explain how market price is determined under conditions of competition.
Discuss (a) monopoly price; (b) class price.
What would be your definition of money?
What is the argument of the inflationists at the present time?
Give the organization and functions of the Federal Reserve System.
Tell what you know of Technocracy, with your comment upon it.
What are the main indictments which the present depression brings against the capitalist economic system?
What are some reasons for believing that there is a decided drift toward collectivism in the United States now?
* * * * * * * * * *

THE JOHNS HOPKINS UNIVERSITY
Political Economy 1C
Mid-year Examination
Dr. Weyforth
February 2, 1933

Describe the more important changes that came about in the economic life of England as a result of the industrial revolution.
How under a system of free enterprise is the overproduction of any article remedied? How is underproduction remedied?
“Free enterprise is a self-regulating device for producing maximum satisfaction with a minimum of sacrifice.” Explain and criticize this statement.
What is meant when it is said that modern industry is a capitalistic organization?
A municipality which owned a street railway might find it desirable to give service at less than cost. Why? Could a capitalistically controlled company do this? Explain.
“The use of machinery is limited by the extent of the market.” Why? In what sense is it equally true that the extending of markets has depended upon the development of the machine technique?
Explain the nature of a corporation. How does it come into existence? Who owns it? How is it controlled and managed? What are some of its advantages and disadvantages?
What functions do trade unions perform in our present economic system? Why did they not exist during the middle ages? What is meant by the “closed shop”? What justification is there for unions employing this device?
In what way do commercial banks provide a medium of exchange? Why may it be said that banks create deposits? The national banking laws require that national banks maintain a certain reserve against deposits How does this limit the ability of banks to make loans?
* * * * * * * * * *

THE JOHNS HOPKINS UNIVERSITY
Political Economy 1C
Final Examination
Dr. Mitchell
June 5, 1933

Explain and discuss the underlying economic theory and the proposals of the Single tax. Tell something of the life of Henry George.
State and discuss three theories of wages.
Distinguish between “pure profits” and “wages of superintendence”. In what ways do pure profits arise?
Explain the time discount theory of interest.
“The business cycle is inherent in the capitalist economic system.” Discuss this statement.
What are the main arguments for and against fiat money inflation?
Explain the difficulties in combining economic planning with the price-and-profit system.
What developments in American economic life appear to recommend socialism today?
Enumerate and discuss the conditions under which trade and labor unions may raise the wages of their members without being injured by the boomerang of unemployment due to decreased demand for their products.
Identify: Nassau Senior, John Stuart Mill, Charles Kingsley, Robert Owen, Friedrich Engels, Richard Arkwright, Charles Fourier, Samuel Gompers, David Ricardo, Mathew Carey.
Discuss economic nationalism as applicable to the present day.

* * * * * * * * * *

THE JOHNS HOPKINS UNIVERSITY
Political Economy 1C
Final Examination
Dr. Evans
May 31, 1933

What is meant by monetary inflation in the United States?
How is it to be effected; what are its advantages and disadvantages?
To raise revenue to pay the interest on a three billion dollar loan for the purpose of carrying out a public works program, it has been proposed that the federal government increase the income and gasoline taxes. A general manufacturer’s sales tax has apparently been rejected. Criticize the plan.
The wages of federal employes were recently cut by approximately the same per cent that the Bureau of Labor Statistics index of the cost of living has fallen. What theory of wage determination was involved in this action? What theory of wages seems to you to explain wages most completely?
What is meant by the incidents of ownership? Discuss them in connection with the various legal forms under which business units operate.
If the prices of commodities rise in the near future, what will probably happen to rates of interest? Why? What is your prediction concerning the future of pure interest?
Criticize some of the arguments for the tariff.
Do the credit structure and the type of organization under which business units operate have anything to do with determining the recipient of profits?
Is it necessary to give special assistance to the agriculturists in order to pull this country out of the depression? What characteristics of agriculture make it so difficult to do much for the farmers? What program should the government follow in its efforts?

_________________________

2C. Statistics. Dr. Evans.

Three hours weekly through the year. Th., Fri., Sat., 10.30, Gilman Hall 314.

In the first half-year attention is directed to the value and place of statistics as an instrument of investigation, and study is made of the chief methods used in statistical inquiry. In the second half-year the application of statistics to business and economic problems, such as price levels, cost of living, wage adjustments, business cycles, and business forecasting, are considered.

Prerequisite: Mathematics 1 C or 2 C.

* * * * * * * * * *

THE JOHNS HOPKINS UNIVERSITY
Political Economy 2C
Mid-year Examination
February 3, 1933

The average deposit per individual depositor in savings banks in the United States was $437.89 in 1913. By 1926 this figure had risen to $633.10 per depositor, indicating that savings bank depositors were noticeably more thrifty than at the earlier date. Is the conclusion a sound one?
Upon the following data construct price indices of the simple geometric type for 1901 and 1902, using 1900 as the base.

Commodity	1900 Price	1901 Price	1902 Price
A	1	2	3
B	3	3	3
C	1	1.5	2

In which year is the dispersion of the price relatives the larger? What is the significance of your observations upon the dispersions.

A Japanese speaker argued recently that the apparently high birth rate of the Japanese in California was due to the fact that an unusually large proportion of the Japanese population was between the ages of 15 and 45, and that later this high birth rate would be reduced as the age distribution of the population became more normal. Discuss the validity of this argument.
How would you verify the law of statistical regularity and the principle of inertia of large numbers?
Without constructing what is technically called a ratio chart, plot the following figures so as to give the same effect as that produced by the ratio chart.

1900	2.4
1903	5.8
1904	7.3

How could your chart be converted into a ratio chart?

Draw up in the rough a table with title, captions, stubs, etc., to provide for a complete cross-classification of the population of a city according to color, sex, marital status and age. (Note: emphasize the characteristics in the order named.)
* * * * * * * * * *

THE JOHNS HOPKINS UNIVERSITY
Political Economy 2C
Final Examination
June 2, 1933

Discuss the limitations upon the use of statistical method.
Describe how and when the estimation of the value of one variable can be made from a known value of another variable by the use of the scatter diagram.
How can the period of lag of one series in relation to another be determined.
What is meant by “normal” business conditions and how may mathematical measurements of normal be made?
In obtaining a seasonal index, can cyclical and erratic influences be largely eliminated? How? Describe two methods of eliminating the effects of seasonal variation from time-series data.
Explain “mathematical methods of trend fitting are not fool-proof”. What are the various methods of determining a line of trend?
What kinds of situations make necessary the use of index numbers? Give the methods of constructing index numbers.

_________________________

3B. Money and Banking.
Associate Professor Weyforth.

Three hours weekly through the year. Mon., Tues., Wed., 9.30, Gilman Hall 311.

Prerequisite: Political Economy 1 C.

* * * * * * * * * *

THE JOHNS HOPKINS UNIVERSITY
Political Economy 3B
Mid-year Examination
January 31, 1933

Describe the functions performed by money and explain its importance in our present economic system.
What is meant by “standard” money? Describe as many types of standard money as you can. Explain the difference between standard money and legal tender money. Illustrate the latter by examples from the United States currency.
What factors were responsible for the rapid depreciation of German currency after the war? Why did prices rise more rapidly than the volume of currency? Can this be reconciled with the quantity theory of money? Explain.
Explain the difference between fixed and circulating capital. What problems does this distinction create in regard to the financing of business enterprises? Explain fully.
What is meant by the value of money? How do we measure changes in it? Explain the economic consequences of changes in the value of money.
Distinguish between the functions of an investment banker and of a commercial bank. Explain how the commercial banks create deposits and show the limitations upon their powers in this respect.
Describe the history of the monetary standard in the United States.

* * * * * * * * * *

THE JOHNS HOPKINS UNIVERSITY
Political Economy 3B
Final Examination
May 30, 1933

Describe the more important types of loans and investments made by commercial banks. Describe the changes in the nature of their business since the war and the reasons for these changes.
Explain the defects in our banking system prior to the establishment of the Federal reserve system and give a brief description of the steps toward reform.
Explain the circumstances under which shipments of gold occur between two countries both of which are on a gold standard.
Is there any limit to the extent to which the market rate of exchange may fluctuate between two countries when one or both of them does not provide for redemption of its currency in gold? Explain the operation of the factors involved.
What is the importance of an elastic currency? What provision was made in the Federal Reserve Act for such a currency? What are the provisions of the laws passed during the present depression enlarging the note issues of national banks and Federal reserve banks?
Explain the various methods which Federal reserve banks may employ to control credit and show how they operate.
Explain and criticize the various principles that may be employed by Federal reserve banks as guides to their credit policy.
What do you think of inflation as a means of promoting recovery from the depression?

_________________________

4B. Labor Problems. Professor [George E.] Barnett.

Three hours weekly through the year. Mon., Tues., Wed., 10.30, Gilman Hall 314.

In the first part of this course the problems growing out of modern industrial employment will be studied, e.g., child labor, industrial accidents, unemployment. It includes a critical discussion of the ameliorative measures which have been adopted in the leading industrial countries. Special attention will be given to an analysis of the principles underlying the schemes of social insurance against sickness, old age, and unemployment, so generally put into effect in recent years in European countries. In the second part of the course the history, structure and functions of American trade unionism are considered. Particular attention will be given to the working of representative systems of collective bargaining and an analysis of the conditions under which these systems have attained their greatest strength. An appraisal of rival forms of wage fixation, such as individual bargaining governmental intervention and shop committees will conclude the course.

Prerequisites: Political Economy 1 C and 12 B.

* * * * * * * * * *

THE JOHNS HOPKINS UNIVERSITY
Political Economy 4B
Mid-year Examination
January 30, 1933

On what principles, should an economic man divide his income between expenditure and saving?
On what principles, should he divide his expenditure among different objects of expenditure?
How and why should he divide his savings between investment and insurance?
Describe briefly the various causes of unemployment.
Discuss the effects of shortening the hours of labor.
Why are the risks of unemployment, old age, etc. a part of the labor problem?
* * * * * * * * * *

THE JOHNS HOPKINS UNIVERSITY
Political Economy 4B
Final Examination
May 29, 1933

Define “trade union” and distinguish trade unions from such associations as medical societies, bar associations.
Describe the relations among the various units (local union, national unions, etc.) making up the structure of American trade unionism.
Classify and discuss the methods of enforcement used by trade unions against employers.
Discuss “picketing”.
What is the object of trade unions to the injunction?
What is “scientific management” and how has it influenced the employer in his attitude toward labor?
Outline the chief lines of approach to the governmental adjustment of industrial disputes.
Is the labor market a good market?

_________________________

12B. Economic History. Associate Professor Mitchell.

Three hours weekly through the year. Mon., Tues., Wed., 1 p.m., Gilman Hall 314.

In the first part of this course a study is made of English economic history, the purpose being to show not only the industrial development of the English people as such but the way in which the economic motive has influenced the whole of social life. Particular attention is given to the characteristic forms of economic organization—the manorial system, the guild system, the entrance of capitalism and the causes and consequences of the Industrial Revolution. Special reference is made to those features of English economic history which have influence industrial life in the United States. The second part of the course is a survey of the economic history of our own country. Here the same effort is made, as in the case of England, to show the bearing of economic considerations on political evolution, especially in the direction of the growing importance of the Federal Government.

* * * * * * * * * *

THE JOHNS HOPKINS UNIVERSITY
Political Economy 12B
Mid-year Examination
Dr. Mitchell
February 3, 1933

What is meant by the economic interpretation of history?
Describe the manor and the main steps in its disappearance.
Contrast Wat Tyler and George Washington.
How did the medieval city under the craft gilds differ from Baltimore today, economically, socially, and politically?
What was Mercantilism? Are there tendencies toward a return to Mercantilism now? If so, is this movement wise or unwise, and why?
What developments preceded the Industrial Revolution?
Describe the Industrial Revolution.
Make an argument that mankind would be better off had the inventors of the eighteenth century never lived.
Why is it that England had a socialist prime minister while the United States has an individualist president?
* * * * * * * * * *

THE JOHNS HOPKINS UNIVERSITY
Political Economy 12B
Final Examination
June 2, 1933

State and discuss what you consider to have been the main tendencies in American economic life.
Give an outline history of the tariff until the time of the Civil War.
Sketch the history of banking in the United States from 1791 to 1863.
“The essential cause of the Civil War was the difference in economic pursuits of North and South.” Explain this statement.
Describe the causes of the panics of 1837 and 1873.
In what respects have Hamilton’s policies been borne out by American economic and political development?
What considerations have turned the American people from approval of Theodore Roosevelt’s policy of “trust busting” to Franklin Roosevelt’s policy of relaxing the anti-trust acts?
Give the main developments in “internal improvements” to the present time.
State briefly what you think you will recall from this course twenty-five years from now.

Sources:

Course announcements from The College of Arts and Sciences, 1932-33 (February, 1932). The Johns Hopkins University Circular, New Series 1932, No. 2, Whole Number 434, pp. 38-39.
Course examinations from Johns Hopkins University, Eisenhower Library, Ferdinand Hamburger, Jr. Archives. Department of Political Economy. Series 6, Curricular materials. Box 2, Folder “Exams 1930-1935.”

Image Source: Photo of Gilman Hall from the 1924 Johns Hopkins yearbook, Hullabaloo.

Tags Barnett, EvansGH, MitchellB, Weyforth

Chicago Economics Programs Economist Market Economists

Chicago. Memos discussing guests to teach during summer quarter, 1927

Post author By Irwin Collier
Post date 2020-12-23

Apparently the 1926 summer quarter course planning at the Chicago department of political economy in 1926 was so wild that the head of the department, Leon C. Marshall, decided to start the discussion for 1927 on the second day of Summer, 1926. Four of the seven colleagues responded with quite a few suggestions.

This post provides the first+middle names where needed in square brackets. Also links to webpages with further information about the suggested guests have been added.

______________________

Copy of memo from
Leon Carroll Marshall

THE UNIVERSITY OF CHICAGO
Department of Economics

Memorandum from L. C. Marshall. June 22, 1926

To: C. W. Wright, J. A. Field, H. A. Millis, J. Viner, L. W. Mints, P. H. Douglas, W. H. Spencer

We really must break through the morass we are in with respect to our summer quarter. Partly because of delayed action and partly because of an interminable debating society in such matters we finally get a patched up program which is not as attractive as it should be.

I shall proceed on the basis of the homely philosophy that the way to do something is to do something. I shall try to secure from every member of the group a statement of his best judgment concerning the appropriate course of action for the summer of 1927 and then move at once toward rounding out a program.

Won’t you be good enough to turn in to E57 within the next few days your suggestions and comments with respect to the following issues.

Do you yourself expect to be in residence the summer quarter of 1927?
If you do, what courses do you prefer to teach? Please list more than two courses placing all of the courses in your order of preference. In answering this question, please keep in mind the problem of guiding research. Should you offer a research course?
What are your preferences with respect to hours? Please state them rather fully and give some alternatives so that a schedule may be pieced together.
What courses or subject matter should we be certain to include in the summer of 1927?
What men from outside do you recommend for these courses which we should be certain to include? Please rank them in the order of your preference.
Quite aside from the subject matter which you have recommended above, what persons from the outside ought we try to make contact with if our funds permit? This gives an opportunity to aid in making up the personnel of the summer quarter in all fields.
Please give any other comments or suggestions which occur to you.

Yours very sincerely,

LCM:G

* * * * * * * * * * * * * * *

Response from
Jacob Viner

The University of Chicago
Department of Political Economy

July 1, 1926

Dear Mr. Marshall

I will want to offer 301 (Neo-class Ec.) & 353 (Int Ec. Pol) as usual next summer, though if we have a good outside theorist to give 301, I would like to give a course on Theory of Int Trade in addition to 353. I think we need someone especially in Banking, next in theory. Beyond these we should offer work in some of the following, if we can get first rankers: statistics, private finance, transportation, economic history of Europe & ec. Hist. of U.S.

I suggest the following from which selections could be made:

Banking

Theory

Statistics

Transportation

Ec. Hist.

[Eugene E.]
Agger

[Benjamin Haggott] Beckhart

[Allyn Abbott]
A.A. Young

[Chester Arthur]
C. A. Phillips

[Oliver Mitchell Wentworth]
Sprague

[James Harvey] Rogers

[Ernest Minor] E.M. Patterson

[Allyn Abbott]
Young

[Jacob Harry]
Hollander[Frank Hyneman] Knight

[Albert Benedict] Wolfe

[Herbert Joseph] Davenport

[Henry Roscoe] Trumbower

[Homer Bews] Vanderblue

[Melvin Moses] M.M. Knight

[Abbott Payson] A.P. Usher

As other possibilities I suggest [George Ernest] Barnett, [James Cummings] Bonbright, [Edward Dana] Durand, [Edwin Griswold] Nourse, [Sumner Huber] Slichter, John D. [Donald] Black, Holbrook Working, [Alvin Harvey] Hansen.

[signed]
J Viner

* * * * * * * * * * * * * * *

Response from
Paul Howard Douglas

The University of Chicago
The School of Commerce and Administration

June 29, 1926

Professor L. C. Marshall
Faculty Exchange

Dear Mr. Marshall:

You have hit the nail on the head in your proposal to get under way for next summer, and I am very much pleased at your action. Answering your questions specifically may I say—

That I do not expect to be in residence for the summer quarter of 1927.
&3. Since I shall not be in residence no answers to these questions are, I take it, necessary.

We should, I think, be certain to include adequate work in the following fields (a) Economic theory, (b) Monetary and banking theory, (c) Labor problems, (d) Statistics and quantitative economics, (e) Taxation and Public finance, (f) Economic history.
As regards men from outside, I would recommend the following in each field: (a) Economic theory—[Herbert Joseph] H. J. Davenport, [John Rogers] J. R. Commons, [Frank Hyneman] F. H. Knight; (b) Monetary and banking theory—[Allyn Abbott] A. A. Young, [Oliver Mitchell Wentworth] O.M.W. Sprague, [James Waterhouse] James W. Angell; (c) Labor problems—Selig Perlman, Alvin [Harvey] H. Hansen; (d) Statistics and quantitative economics—[Frederick Cecil] F. C. Mills, [Robert Emmet] R. E. Chaddock, [William Leonard] W. L. Crum; (e) Taxation and public finance—[Harley Leist] H. L. Lutz, [William John] William J. Shultz; (f) Economic history—[Norbert Scott Brien] N. S. B. Gras.
As people from outside to try for, might it not be possible to secure some one from England, such as [John Atkinson] John A. Hobson, Henry Clay, or [Dennis Holme] D. H. Robertson? Might it not also be possible to get Charles Rist from France or [Werner] Sombart from Germany?

Faithfully yours,
[signed]
Paul H. Douglas

P.S. The news that [Henry] Schultz and [Melchior] Palyi are to be with us next year is certainly welcome. Should we not let everyone know that they are coming, and should not a news note to this effect be sent on to the American Economic Review? [Handwritten note here: “Mr. Wright doing this”]

* * * * * * * * * * * * * * *

Response from
Lloyd Wynn Mints

The University of Chicago
The School of Commerce and Administration

July 16, 1926

Memorandum to L. C. Marshall from L. W. Mints, concerning the work of the summer quarter, 1927.

It is my present intention not to be in residence during the summer quarter, 1927, although I will be in the city, I suppose.
It appears to me that we should attempt to get men from the outside who would represent some of the newer points of view rather than the orthodox fields. I should suppose that it would be desirable to have a man in statistics and, if he could be found, somebody to do something with quantitative economics. For the statistics I would suggest [William Leonard] Crum, [Frederick Cecil] Mills, [Frederick Robertson] Macaulay, [Willford Isbell] King, [Bruce D.] Mudgett, [Robert] Riegel. I am ignorant of the particular bents of some of the statistical men, but I should suppose that in quantitative economics [Holbrook] Working, [Alvin Harvey] Hansen, or [William Leonard] Crum might do something. Perhaps [Edmund Ezra] Day should be added to the men in Statistics.
In economic history, as I remember it, we have had no outside help for a long time. I should like to see either [Noman Scott Brien] Gras or Max [Sylvius] Handman give some work here in the summer.
Particular men who represent somewhat new points of view, and who might be had for the summer, I would suggest as follows: [Lionel Danforth] Edie, [Oswald Fred] Boucke, [Morris Albert] Copeland, [Sumner Huber] Slichter.
In addition I should like very much to see either [Edwin Robert Anderson] Seligman or [John Rogers] Commons here for a summer.

[signed]
L.W.M.

* * * * * * * * * * * * * * *

Response from
Harry Alvin Millis

Answers to questions re Summer Teaching, 1927

Yes, I feel that I must teach next summer unless that plan you have been interested in goes through.
342 [The State in Relation to Labor] and 440 [Research].
342 at 8; 440 hour to be arranged.
5. 6.: Should get a better rounded program than we have had. Should have an outstanding man in economic theory and another in Finance. For the former I would mention [John] Maurice Clark, [John Rogers] Commons, and [Frank Hyneman] Knight—in order named. For the latter I would mention [Allyn Abbott] Young, [James Harvey] Rogers. If we can get the money I should like to see [George Ernest] Barnett brought on for statistics and a trade union course.

Would it be possible to have a seminar which would bring together the outside men and some of the inside men and our mature graduate students—these hand-picked? It might be made very stimulating.

[Signed]
H. A. Millis

* * * * * * * * * * * * * * *

Response from
Chester Whitney Wright

The University of Chicago
The Department of Political Economy

Memorandum to Marshall from Wright

Summer 1927
First term some aspects of economic history
1:30 or 2:30
May have to teach the whole summer but hope I can confine it to first term.
Can teach any phases of subjects in any fields suitable for term.

* * * * * * * * * * * * * * *

Response from
James Alfred Field

[No written answer in the folder: however L. C. Marshall noted that Field would not be teaching in the summer term of 1927]

* * * * * * * * * * * * * * *

Response from
William Homer Spencer

The University of Chicago
The School of Commerce and Administration
Office of the Dean

July 12, 1926

Mr. L. C. Marshall
The Department of Political Economy

My dear Mr. Marshall:

As Mr. [Garfield Vestal] Cox does not wish to teach during the Summer Quarter of 1927, I wish the Department of Political Economy would try to get Mr. [Edmund Ezra] Day of Wisconsin [sic, Michigan is correct] who could give both a course in statistics and a course in forecasting. Forecasting is not given this summer and unless we get someone from the outside to give it, I presume it will not be given next summer.

Why does not the Department of Political Economy for the coming summer get someone like Mr. [Leverett Samuel] Lyon to give an advanced course in economics of the market for graduate students? The Department of Political Economy could handle half of his time and I perhaps could handle the other half for market management

Now that it appears that the Department of Political Economy cannot get any promising young men in the Field of Finance, why do you not try for [Chester Arthur] Phillips of Iowa? He will give good courses and will draw a great many students from the middle west to the University.

So far as my own program is concerned, I have not made much progress. I tried to get [Roy Bernard] Kester of Columbia, but he turned me down. I am placing a similar proposition before [William Andrew] Paton of Michigan. In the Field of Marketing, I am trying for [Frederic Arthur] Russell of the University of Illinois to give a course in salesmanship primarily for teachers in secondary schools. Otherwise I have made no progress in getting outside men for next summer.

Yours sincerely,
[signed]
W. H. Spencer

WHS:DD

Source: University of Chicago Archives. Department of Economics. Records. Box 22, Folder 7.

Tags Agger, Angell, Barnett, Beckhart, BlackJD, Bonbright, Boucke, Chaddock, ClarkJM, Clay, Commons, Copeland, CoxGV, Crum, CW Wright, Davenport, Day, Douglas, Durand, Edie, Elkington, Field, Gras, Handman, Hansen, Hobson, Hollander, Kester, Knight, KnightMM, LutzHL, Lyon, Macaulay, MarshallLC, Millis, MillsFC, Mints, Mudgett, Nourse, Palyi, Paton, PattersonEM, PerlmanS, Phillips, PhillipsCA, Riegel, Rist, RobertsonDH, RogersJH, RussellFA, Schultz, Seligman, ShultzWJ, Slichter, Sombart, Spencer, Sprague, Trumbower, Usher, Vanderblue, Viner, Wolfe, WorkingH, Young

Economics Programs Johns Hopkins

Johns Hopkins. Activities of department of political economy, 1935-1936

Post author By Irwin Collier
Post date 2020-12-03

Annual reports by university presidents often include chapters submitted by individual faculties, schools, and/or departments about their instructional, research, and outreach activities. Economics in the Rear-view Mirror is as good a place as any to serve as a digital depository of such dispersed material that can document time-lines for individual economics departments and economists. It would be boring for both the curator and subscribers to be subject to a long continuous stream of such material from any one department, so from time to time, I’ll just add additional years and gradually complete the time-series of reports.

_____________________

1935-1936
POLITICAL ECONOMY
[at Johns Hopkins University]

The instruction in Political Economy was directed by Professor Hollander, who met students daily in seminary organization for formal study and for cooperative research. The courses were designed to afford systematic instruction in general economic principles, intimate acquaintance with special fields of economic activity, and, most important of all, knowledge of and ability to employ sound methods of economic research. Dr. George E. Barnett, Professor of Statistics; Dr. William O. Weyforth, Associate Professor of Political Economy; Dr. Broadus Mitchell, Associate Professor of Political Economy; Dr. George H. Evans, Jr., Associate Professor of Political Economy; Dr. Howard E. Cooper, Associate in Political Economy; and Dr. Roy J. Bullock, Associate in Political Economy, assisted in the conduct of the work.

ECONOMIC SEMINARY

The papers and reports presented to the Seminary were as follows: Gregory King, the Political Arithmetician, by Professor Barnett; The History of British Preference Shares, by Dr. Evans; The Baltimore Wholesale, Fresh Fruit and Vegetable Market, by Mr. Deupree; Tench Coxe and the Federal Constitution, by Mr. Hutcheson; Hamilton’s Early Financial Papers, by Dr. Mitchell; Constitutional Restrictions on Economic Liberty, by Dr. Kahn; The Historical Development of the Massachusetts Municipal List, by Mr. Hickman; Food Marketing and Public Policy, by Dr. Bullock; The Baltimore Clearing House Association, by Mr. Hales; Real Property Tax Delinquency in Maryland, by Miss Wolman; The Trade Acceptance in America, by Mr. Wilcox; The Banking Principle and the Currency Principle, by Dr. Weyforth; The Settlement of Frederick County, Maryland, by Mr. Douglas; The Literary and Economic Influences upon Alexander Hamilton, by Mr. Rappeport; Tench Coxe’s Plea for a National Economy, by Mr. Hutcheson; Real Property Tax Delinquency in Baltimore, by Miss Wolman; Administrative Control of Labor Relations, by Mr. Ziskind; The Fiduciary Nature of the Savings Bank, by Mr. Hickman; The Street Railway Industry, by Mr. Saks; The History of Marsh Market, by Mr. Deupree; The Origin of the Baltimore Clearing House, by Mr. Hales; Industrial Corporate Surplus, by Dr. Cooper; The Concept of Self Interest in Adam Smith and Related Writers, by Mr. Lovenstein; The Growth of Municipal Indebtedness in the United States, by Mr. Shattuck; Investment Affiliates in Recent American Banking, by Mr. Peach; Small Scale Enterprise in the Anthracite Coal Fields, by Mr. Lanyon.

Appreciable progress has been made by members of the Seminary in the study of special aspects of the several questions chosen for investigation. The income of the Lessing Rosenthal Fund for Economic Research has been of aid in connection with Mr. W. Braddock Hickman’s study of “The Legal Control of Savings Bank Investments in Massachusetts” and with Mr. Harold Hutcheson’s study of “Tench Coxe.” The Fund was also drawn upon for temporary advances toward defraying the cost of publication by the Johns Hopkins Press of Dr. Evans’ “British Corporation Finance,” of Dr. Wyckoff’s “Tobacco Regulation in Colonial Maryland,” and also a second impression of five numbers of the Economic Tracts, out of print.

The Hutzler Collection has continued to add to its works disclosing the development of American economic thought and American economic history. During the present session we have also acquired an admirable copy of the rare first edition of Graunt’s “Bills of Mortality,” and photostat copies of important writings of Gregory King and Charles Davenant for use in the forthcoming series of Economic Tracts. The recataloguing and the rearrangement of the collection, in progress for the past two years, will be completed in the coming months.

Professor Hollander lectured one hour a week on the Development of Economic Theory and one hour a week on Theory and Practice of Public Expenditure.

Professor Barnett lectured one hour a week throughout the year on American Trade Unionism.

Associate Professor Weyforth lectured one hour a week throughout the year on Industrial Fluctuations.

Associate Professor Mitchell lectured one hour a week throughout the year on The Slave South.

Associate Professor Evans lectured one hour a week during the first half-year on Index Numbers.

Dr. Cooper gave a series of lectures in the second half-year on The Interpretation of Financial Statements.

Dr. Bullock gave a series of lectures in the second half-year on Marketing of Consumers’ Goods by Manufacturers.

Members of the staff were called upon for public service in various capacities. Professor Barnett continued his service as a representative of the American Economic Association on the Advisory Committee of the Census. He was also appointed chairman of the Nominating Committee of the American Economic Association and Vice-President of the American Statistical Association. Dr. Weyforth was reappointed to the Maryland State Board of Examiners of Public Accountants. Dr. Mitchell served as consultant to the Director, Division of Review of the N. R. A. from November 1935 to March 1936. He was elected for the second time to membership on the Executive Committee of the American Economic Association.

The following undergraduate courses were given:

1. Elements of Economics. Three hours weekly, through the year. Associate Professor Weyforth, Associate Professor Mitchell, and Associate Professor Evans.

2. Statistics. Three hours weekly, through the year. Associate Professor Evans.

3. Money and Banking. Three hours weekly, through the year. Associate Professor Weyforth.

6. Corporation Finance and Investments. Three hours weekly, through the year. Professor Barnett.

11. Principles of Accounting. Three hours weekly, through the year. Dr. Cooper.

12. Economic History. Three hours weekly, through the year. Associate Professor Mitchell.

14. Advanced Principles of Accounting. Three hours weekly, through the year. Dr. Cooper.

16. The Money Market. One hour weekly, through the year. Professor Hollander.

18. Wages and Employment. One hour weekly, through the year. Professor Barnett.

20. Marketing. Three hours weekly, through the year. Dr. Bullock.

21. Advanced Marketing. Three hours weekly, through the year. Dr. Bullock.

22. Commercial Law. Two hours weekly, through the year. Dr. Howell.

23. Mathematics of Finance and Statistics. Three hours weekly, through the year. Dr. Richeson.

EVENING COURSES IN BUSINESS ECONOMICS

During the past twenty years The Johns Hopkins University has offered a series of Evening Courses in Business Economics under the general direction of the Department of Political Economy. Such instruction is made available at hours and under conditions designed to meet the convenience of those likely to make use thereof. While designed in the main to offer instruction to young men and women actually engaged in or contemplating entrance into business, industry and commerce, the courses are planned to meet the needs also of those who have a more general interest in the subjects. The following courses were offered during the year:

Current Economic Problems, Professor Hollander; Investments, Professor Barnett; Money and Banking, Associate Professor Weyforth; Political Economy, American Economic History, Associate Professor Mitchell; Business Statistics, Corporation Finance, Associate Professor Evans; Corporation Accounting, Dr. Cooper; Elements of Business Administration, Marketing, Dr. Bullock; Elementary Accounting, Dr. Bryan; Mercantile Credit, Mr. Clautice; Auditing Principles and Practice, Federal and State Tax Accounting, Mr. Baker; Advanced Commercial Law, Dr. Watkins; Salesmanship and Salesmanagement, Mr. Ramsen; Advanced Auditing and Accountant’s Working Papers, Mr. Stegman; Applications of Psychology to Business, Dr. Bentley; Advanced Accounting Problems, Mr. McCord; Principles of Advertising, Mr. Corner; Commercial Law, Mr. Thomsen; Specialized Accounting, Cost Accounting, Mr. Smith; Business English, Public Speaking, Dr. Lyons.

SCHOOL OF BUSINESS ECONOMICS

The academic year 1935-36 marked the fourteenth year of operation of the School of Business Economics. The School was established to take care of the increasing need of specialized academic training for men contemplating a business career. In planning the curriculum of the School of Business Economics there was kept in mind the need for an adequate training in certain fundamental subjects, as well as for specialized instruction in economics and business subjects. Accordingly, during the first two years the studies are rather closely prescribed and are selected so as to furnish an essential background for a career in any field of business. In these years the curriculum is very similar to that which would be taken in the College of Arts and Sciences. In the third year greater latitude is allowed the student in the selection of subjects, and in the fourth year nearly all the subjects are elective. During these last two years it is intended that there should be intensive specialization in studies in business economics.

Students in the School of Business Economics are called upon, in partial fulfillment of the requirements for the degree of Bachelor of Science in Economics, to submit in the last year of residence an essay dealing with some business or economic subject. A wide range of choice is permitted to students in the selection of subjects. A suggested list of topics is submitted to them, but they are not restricted to such topics. It is believed that one of the principal benefits that a student may derive from the writing of such an essay is the experience obtained in the independent gathering and organization of material; and the industry and zeal of the student is likely to be enhanced if the subject on which he is working is one of special interest to him. The subjects on which essays were written in the year 1935-36 included the following: Interest as a Cost to Manufacture; The Chain Store Movement in Men’s Wear Merchandising; Control and Planning of Department Store Merchandising; Accounting Presentation for the Executive; Production Indexes; Should Public Utility Holding Companies be Eliminated?; Advertising Agencies in the United States; Investment Value of Low, Medium, and High Priced Common Stocks; Public Policy Toward Chain Stores; The Federal Securities Act of 1933 and Its Amendments; Revaluation of Fixed Assets; The American Paper Industry; The Baltimore Consumer Market. Several students wrote on the Analysis of Financial Statements, each one selecting a different corporation as the basis of his study.

In 1936, 17 students were graduated. These students were awarded the degree of Bachelor of Science in Economics.

PUBLICATIONS

George E. Barnett.

Review of History of Labor in the United States, 1896-1932, volumes III and IV, in American Economic Review, June 1936, pp. 339-342.

George Heberton Evans, Jr.

British Corporation Finance 1775-1850; A Study of Preference Shares. (Baltimore, The Johns Hopkins Press), pp. 208.

Jacob H. Hollander.

Two Letters on the Measure of Value by John Stuart Mill, 1822 (Editor). Fourth number of fourth series of Reprint of Economic Tracts. (Baltimore, The Johns Hopkins Press, 1936), pp. 24.

Broadus Mitchell.

American Radicals Nobody Knows, in South Atlantic Quarterly, October 1935, pp. 394-401.

Economists and the Depression, in Social Frontier, April 1936, pp. 215-217.

Articles in Dictionary of American Biography, as follows: vol. XV—Enoch Pratt, pp. 171-172; John Rae, pp. 321-322; vol. XVI—Edward Van Dyke Robinson, pp. 42-43; Jacob Schoenhof, pp. 450-451; XVII—Stephen Simpson, pp. 183-184; Lysander Spooner, pp. 466-467; XVIII—Philip Evan Thomas, pp. 442-443; Robert Ellis Thompson, pp. 469-470; Daniel Augustus Tompkins, pp. 581-583.

—and reviews as follows:

Parmelee, Farewell to Poverty, in Social Frontier, January 1936, p. 122.

Lawrence, Stumbling into Socialism, in The Annals, January 1936, pp. 281-282.

Ely and Bohn, The Great Change, in The Annals, November 1935, pp. 191-192.

Douglas, Controlling Depressions, and Fledderus and van Kleeck, On Economic Planning, in New Republic, August 28, 1935, p. 81.

Harvey, Samuel Gompers, in Journal of Political Economy, February 1936, pp. 106-107.

Baker, Concerning Government Benefits, in The Survey, June 1936, p. 188.

Keynes, The General Theory of Employment, Interest and Money, in Virginia Quarterly Review, July 1936, pp. 453-457.

William O. Weyforth.

Review of A New Monetary System of the United States (Related Studies), in Weltwirtschaftliches Archiv, November 1935, pp. 308-309.

Jacob H. Hollander,
Abram G. Hutzler Professor of Political Economy.

Source: Johns Hopkins University. University Circular. Annual Report of the President, 1935-1936, Vol. 481, (November 1936), pp. 99-103.

Tags Barnett, BullockRJ, CooperHE, Deupree, EvansGH, Hollander, MitchellB, Weyforth

Exam Questions Johns Hopkins Undergraduate

Johns Hopkins. Undergraduate Economics Exams, 1920

Post author By Irwin Collier
Post date 2019-12-20

Even at the Johns Hopkins University, one of the pioneers in academic economics in the United States, there were only six semesters worth of undergraduate economics actually offered in 1919-20. This post provides transcriptions of the six semester final examinations for that year.

The final examinations for the 1922-23 academic year have been transcribed for an earlier post.

Note:

Political Economy 2(b) Money and Banking was scheduled to be taught by Professor Barnett in 1919-20. However in the announcement for 1920-21 Dr. Weyforth was listed as course instructor which is consistent with the ex post report for 1919-20 for instruction in the department of political economy.

Political Economic 4(b) was scheduled as Public Finance to be taught by Professor Hollander in 1919-20, but from the exam below it is clear that the course matches “Corporation Finance” found in the course announcements for 1920-21 which was taught by Professor Barnett.

___________________

Instructors of Undergraduate Courses
1919-20

George Ernest Barnett, Ph.D., Professor of Statistics.
A. B., Randolph-Macon College, 1891; Fellow, Johns Hopkins University, 1899-1900, and Ph.D., 1901.
Appointment to professor, 1911.

Broadus Mitchell, Ph.D., Instructor in Political Economy.
A.B., University of South Carolina, 1913; Fellow, Johns Hopkins University, 1916-17, and Ph. D., 1918. Appointment to instructor, 1919.

William Oswald Weyforth, Ph.D., Associate in Political Economy.
A. B., Johns Hopkins University, 1912, and Ph.D., 1915; Instructor, Western Reserve University, 1915-17. Appointment to instructor, 1919.

___________________

UNDERGRADUATE COURSES
1919-20

(a) Economic History.
The economic development of England and the industrial experience of the United States are studied.
Three hours weekly, first half-year. Weyforth and Dr. Mitchell.
(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. Dr. Weyforth and Dr. Mitchell.
(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) 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. Dr. Weyforth.
(a) Insurance.
The principles of insurance are taught with reference to existing systems of property, personal, and social insurance.
Three hours weekly, first half-year.
(b) Transportation.
The history and theory of transportation are taught with particular reference to conditions in the United States.
Three hours weekly, second half-year.
[Course 3 will not be given in 1919-1920.]
(a) Labor Problems.
The problems growing out of modern industrial employment will be studied.
Three hours weekly, first half-year. Dr. Mitchell.
(b) Corporation Finance.
The theory and practice of corporation finance are considered, with particular reference to the problems presented in the United States.
Three hours weekly, second half-year. Professor Barnett.

NOTE—Undergraduate Course 2 is open only to such students as have completed or are pursuing Course 1: Courses 3, 4, and 5 only to students who have completed 1 and 2.

Sources: Johns Hopkins University, University Register 1918-1919 with Announcements for 1919-20. Circular, Vol. 38, No. 314, (Baltimore: Johns Hopkins Press, April 1919), p.222.

Johns Hopkins University, Annual Report of the President 1919-20, Circular, Vol. 39, No. 327, (Baltimore: Johns Hopkins Press, April 1919), p. 66.

___________________

THE JOHNS HOPKINS UNIVERSITY
POLITICAL ECONOMY I
[Economic history]

February 5, 1920, 9 – 12 A.M.

Describe the manor system.
How were the gilds organized, and what were the circumstances of their dissolution? What were the economic consequences of the Black Death?
Discuss the Industrial Revolution, giving its causes and main effects. What results did it have for the manual worker in England?
What is the doctrine of laissez faire, and how did it come to have such vogue, particularly in the first years of the 19^th century?
Discuss the Factory Acts. What tendency in social thinking did they represent?
What are chief social and economic advantages and disadvantages of the division of labor?
Do you think our present method of securing entrepreneurs a good one? How might it be improved?

* * * * * * *

THE JOHNS HOPKINS UNIVERSITY
POLITICAL ECONOMY I
[Elements of economics]

June 3, 1920, 9 A.M. – 12 M.

Name and discuss as many theories of wages as you know.
Explain, with the assistance of a diagram, the differential principle of rent. How does the argument of the Single Tax rest on this law?
What is the distinction between interest and profits? Explain the economic justification of each.
Describe the functions of credit. Show how the Federal Reserve System has remedied defects in the National Bank System.
Comment upon the following statement: “We are coming to be more interested in promoting the health of nations than the wealth of nations. The aim of political economy is humanistic.”
Using your economic knowledge, supplemented by conversation with a man of affairs, give an estimate of the present financial and business situation.
What are the theoretical foundations and practical proposals of socialism?
What advantage have you gained from studying political economy?

* * * * * * *

THE JOHNS HOPKINS UNIVERSITY
POLITICAL ECONOMY II
[Statistical methods]

February 2, 1920, 2 – 5 P.M.

Explain how a “refined” death rate is calculated. Illustrate.
What kinds of questions can not properly be asked in taking a census?
Define “average” and “measure of dispersion.”
Discuss the significance of different averages.
Calculate Pearson’s coefficient of correlation, the probable error, and the ratio of variation for the following:

X	Y
1	2
2	5
3	3
4	8
5	7

Define an index number.
Discuss the relative advantages of the “aggregate” and the “relative” methods of computing index numbers.
Under what conditions is “weighting” necessary?

* * * * * * *

THE JOHNS HOPKINS UNIVERSITY
POLITICAL ECONOMY II
[Money and banking]

TUESDAY June 1, 1920, 2 – 5 P.M.

Describe the various forms of money in use in the United States.
What are the essential features of a system of bimetallism? Explain the advantages and disadvantages of such a system.
Give a brief history of the greenbacks.
What is a bill of exchange? An acceptance? A promissory note? What are the advantages of trade acceptances?
What are the principal ways in which deposits originate in commercial banks? Explain the connection between loans and deposits.
Describe the defects of the old national banking system.
Outline the organization of the Federal Reserve System.
Explain the quantity theory of money, showing the effect of both money and deposits on prices.

* * * * * * *

THE JOHNS HOPKINS UNIVERSITY
POLITICAL ECONOMY IV
[Labor problems]

February 3, 1920, 2 – 5 P.M.

Did trade unionism in England originate in the gilds? Did the American labor movement grow out of gild organizations? Give reasons for your answer.
How did the Industrial Revolution affect British working-men?
Discuss the Combination Acts. Who was Francis Place and what part did he play in the labor movement?
What facts as to the Knights of Labor are indicated by the motto “an injury to one is the concern of all”?
Discuss the closed shop.
Is there any justification for the policy of restriction of output as employed by unions? By employers?
What are the chief causes of strikes? How have unions affected the causes of strikes?
What did you learn from the steel strike and the coal strike?

* * * * * * *

THE JOHNS HOPKINS UNIVERSITY
POLITICAL ECONOMY IV
[Corporation finance]

June 2, 1920, 2 – 5 P.M.

Discuss the relative advantages of the various legal forms of the business unit.
Trace briefly the history of the corporation.
Define “preferred stock” and describe the varieties of such stock.
Why are ordinary business corporations frequently over-capitalized? Is this justifiable?
State the principles of capitalization adopted by public service commissions.
Explain the difference between “treasury stock” and “authorized but not issued” stock.
Discuss the legal relations of the persons participating in a syndicate.
How are corporate securities usually marketed? Why?
Explain and discuss the principle of “trading on the equity” as applied in the capitalization of corporations.
Under what conditions would the issue of common stock only be desirable?

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

___________________

Image Sources: Johns Hopkins University graphic and pictorial collection.

George Ernest Barnett (1873-1938), ca 52 years of age
William Oswald Weyforth (1889-1983), ca 36 years of age
John Broadus Mitchell (1892-1988), ca 30 years of age

Tags Barnett, MitchellB, Weyforth

Economics Programs Johns Hopkins

Johns Hopkins. Graduate Studies and Exams of Yukimasa Hattori, Ph.D. 1903

Post author By Irwin Collier
Post date 2019-12-09

This post begins with a chronicle of the course work and seminar presentations of the Japanese graduate student of economics, Yukimasa Hattori, at the Johns Hopkins University for the academic years 1900-01 and 1901-02. I find it really remarkable that one is able to put together such a detailed timeline for an arbitrary single graduate student well over a century ago from online sources. A transcription of the doctoral examination questions given to Hattori found in the Johns Hopkins archive and a link to Hattori’s published dissertation complete the post.

Perhaps a Japanese visitor to this blog could find and share additional biographical information about Hattori from Japanese language sources?

____________________________

Date of death of Yukimasa Hattori

In Graduates and Fellows of the Johns Hopkins University, 1876-1913. Yukimasa Hattori was listed as having died April 6, 1913.

Source: The Johns Hopkins University Circular, (April 1914). Graduates and Fellows of the Johns Hopkins University 1876-1913, p. 23.

____________________________

Coursework of Yukimasa Hattori

First Half-Year, 1900-1901

Daily except Wednesday, 11 a.m. Class B. Elementary German and German Reader. Dr. Kurrelmeyer

Minor Course, Class B. Four hours weekly. Otis, Elementary German (First Part); Brandt, German Reader (50pp.); Heyse, L’Arrabbiata; Goethe, Egmont; E. S. Buchheim, Elementary German Prose Composition; Whitney, German Grammar.

Monday and Tuesday, 9 a.m. Labor Problems. Mr. W. F. Willoughby

Labor Problems. Mr. W. F. Willoughby, of the United States Bureau of Labor, lectured on Labor Problems to ten graduate students, two hours weekly, during the first half-year.
This course was devoted primarily to a study of the group of movements having for their purpose the increase in the economic security of the laboring classes. Each of the contingencies was considered in which workingmen are unable to earn wages, as disability, sickness, accident, premature invalidity old age, and inability to obtain work, and the effort now being made in Europe and the United States for providing for them through insurance or otherwise A few lectures were also given on the organization and practical work of statistical bureaus in various countries.

Monday and Tuesday, 12 M. United States Constitutional Law. Dr. Willoughby

Advanced United States Constitutional Law. Eleven graduate students, two hours weekly, throughout the year. These lectures presupposed a general knowledge of our political history and of the elements of our public law, and were therefore devoted to the discussion of the more perplexing and as yet unsettled points in our constitutional law, the illustrations being largely drawn from the decisions of the U.S. Supreme Court during the last few years. Especial attention was given to the examinations of the legal problems involved in the annexation and government of foreign territories. Carefully prepared written analyses of the leading cases considered were required of the students.

Wednesday, 9 a.m. Economic Development. Associate Professor Sherwood.

The Law of Economic Development. Eight graduate students, one hour weekly, through the year. This course was an examination of the law of evolution as applied to economic life. The basis of this application is found in the fact that social activity and organization begin in the want and will of individuals, and that these are governed by an economic or utilitarian principle which leads men to act so as to secure the greatest satisfaction with the least sacrifice. The operation of this principle was shown in military, political, and religious life, as well as in industrial activity. Individual variation, which begins change, in itself an illustration of this law and the new social organization which results, is evolved from these utilitarian choices and efforts of the individuals. Division of labor, the varying forms of industrial organization and the growth of capital are all to be explained in the same way.

Wednesday and Thursday, 12 m. History of Political Philosophy. Dr. Willoughby.

History of Political Theories, 1300 to 1750 A.D. Twelve graduate students, two hours weekly, throughout the year. The political ideals and principles of this period were analyzed and criticized. An especial effort was made to show the extent to which these theories were the outcome of the political conditions and general characteristics of the times in which they were formulated.

Alternate Thursdays, 4-6 p.m. Economic Seminary, Associate Professor Sherwood

Economic Seminary met two hours fortnightly, with eight graduate students. The special study of Commerce and Commercial Policy of the United States has been continued, in part by the preparation of papers and in part by the critical study of List’s National System of Political Economy. Papers upon other topics were also read and reviews were given of current economic literature.

Thursday and Friday, 9 a.m. Banking. Associate Professor Sherwood

Modern Banking. Two hours weekly, first half-year, with ten graduate students. A comparative study of the banking systems of England, France, Germany, and the United States was made. Attention was directed to the internal organization of the central banks and their relation to the other banking institutions of their respective countries, to the present status of the business done by the banks, and to the relation of these banks to the government. Conclusions were drawn from these studies as to the tendencies in modern banking, and certain needed reforms in the American system were pointed out.

Alternate Fridays, 8 p.m. Historical Seminary. Professor Adams.

Historical Seminar [also called “Historical and Political Science Association”] met regularly on alternate Friday evening and was attended by eighteen students and five instructors. The more important original work of the department was presented in these fortnightly meetings, and the current literature of history, economics, and political science was subjected to review and criticism. The proceedings from October 5 to March 15 are published in the University Circulars in January, March,[ and May-June] 1901.

Sources: Johns Hopkins University Circulars Vol. XX. No. 148 (November, 1900), pp. 5-6; Twenty-sixth Annual Report of the President of Johns Hopkins University, 1901, pp. 72, 84-87.

Second Half-Year, 1900-1901

Daily except Wednesday, 11 a.m. Class B. Elementary German Grammar and Prose. Dr. Kurrelmeyer

Monday, 9-11 a.m. American Finance. Dr. E. D. Durand.

American Financial History. Dr. E. Dana Durand, Secretary of the United States Industrial Commission, on leave of absence from Stanford University, lectured…to a class of six graduate students, two hours weekly, during the second half-year. The course covered the history of the public finances of the United States Government, from the beginning of the Revolution to 1890. The development of the customs duties and of other methods of taxation was traced and the policy of debt management was discussed. The history of the currency and banking system was also considered in so far as it bears on the general subject of the administration of the public treasury. The students did collateral reading from a number of original documents and of secondary treatises, and each of them presented a paper on some phase of financial history.

Monday and Tuesday, 12 M. United States Constitutional Law. Dr. Willoughby

See First Half-year 1900-1901, above

Wednesday, 9 a.m. Economic Development. Associate Professor Sherwood.

The Law of Economic Development [Associate Professor Sherwood], with eight graduate students, one hour weekly, through the year. This course was an examination of the law of evolution as applied to economic life. The basis of this application is found in the fact that social activity and organization begin in the want and will of individuals, and that these are governed by an economic or utilitarian principle which leads men to act so as to secure the greatest satisfaction with the least sacrifice. The operation of this principle was shown in military, political, and religious life, as well as in industrial activity. Individual variation, which begins change, in itself an illustration of this law and the new social organization which results, is evolved from these utilitarian choices and efforts of the individuals. Division of labor, the varying forms of industrial organization and the growth of capital are all to be explained in the same way.

Wednesday and Thursday, 12 m. History of Political Philosophy. Dr. Willoughby.

See First Half-year 1900-1901, above

Alternate Thursdays, 4-6 p.m. Economic Seminary, Associate Professor Sherwood

See First Half-year 1900-1901, above

Thursday and Friday, 9 a.m. Theory of Credit. Associate Professor Sherwood

Theory of Credit with six graduate students, two hours weekly, second half-year. Analysis of credit was made so as to indicate the operation of credit in its economic rather than in its legal aspect. The part played by credit in productive organization and processes was then traced. The adequacy of present credit institutions to meet the requirements of the various classes of industry was also discussed, as well as the relation of credit to prices. The course was closed with a brief review of the historical development of the theory of credit.

Alternate Fridays, 8 p.m. Historical Seminary. Professor Adams

See First Half-year 1900-1901, above

Sources: Johns Hopkins University Circulars Vol. XX, No. 150 (March, 1901), pp. 40-41.; Twenty-sixth Annual Report of the President of Johns Hopkins University, 1901, pp. 72, 84-87.

First Half-Year, 1901-1902

Monday 9 a.m. Current Economic Literature, Associate Professor Hollander and Dr. Barnett

During the first half-year, Associate Professor Hollander also directed a journal club, in weekly meetings, for the review and discussion of current economic literature, and for exercise in the use of original sources of economic and financial information.

Monday and Tuesday 10 a.m. Germanic Civilization. Associate Professor Vincent.

No further information available.

Tuesday and Wednesday, 9 a.m. Theory and Practice of Finance. Associate Professor Hollander

Finance, [was taught by Associate Professor Hollander] two hours weekly through the year. The past financial experience and the present fiscal practice of the United States — federal, state, and local — were taken as the basis for critical and comparative study. The emergence of contemporary problems in our public economics was traced, and the concrete issues thus presented served to introduce an exposition of the fundamental theories of the science of finance. Emphasis was put upon the place of financial technique in public economics, and attention was directed to the immediate financial problems presented by our new insular possessions. A reasonable amount of collateral reading from selected texts was done in connection with the course.

Wednesday, 11 a.m. Oral Examinations in General History. Dr. Ballagh.

Oral Examinations in General History, [Dr. J. C. Ballagh, Associate in History has conducted] one hour weekly, through the year. This work is particularly designed for candidates for the degree of Doctor of Philosophy, though advanced graduates are sometimes admitted to attendance. Important fields of general history were consecutively and systematically reviewed, but especial emphasis was laid upon those in which greater concentration was needed by the individual members of the class. The special course on the political history of Greece and Rome given last year was replaced by a similar specialized course on the constitutional history of England and the political history of the United States. The sources and best exponents of the history of the periods covered were discussed and used by the class.

Wednesday and Thursday, 10 a.m. Mediaeval France. Associate Professor Vincent.

Mediaeval France [taught by Associate Professor J. M. Vincent]. Two hours weekly, first half-year. These two courses together provided a systematic treatment of the history of Europe during the early Middle Ages. Each student was required to present a syllabus of the whole subject with references to sources and authorities.

Wednesday and Thursday 12 m. Legal Aspects of Economic and Industrial Problems. Associate Professor Willoughby.

The Legal Aspects of Economic and Industrial Problems [taught by Associate Professor Willoughby] two hours weekly, throughout the year. The points of law involved in such matters as the control of interstate commerce, taxation, factory legislation and other exercises of the so-called police power, the fixing of wages and prices, the management of strikes, lockouts, boycotts, the control of industrial combinations, of labor unions, etc., were examined. The development of the present law was traced both in the common law and in statutory enactments, and proposals for its amendment outlined and discussed.

Thursday and Friday, 9 a.m. Development of Economic Theories since Adam Smith. Associate Professor Hollander

Development of Economic Theories since Adam Smith, [was taught by Associate Professor Hollander] two hours weekly through the year. A detailed historical survey was made of the development of the fundamental concepts of economic science from Adam Smith to current thought. The body of English thought was followed in the main, but other writers and schools were examined wherever direct influence or analogy was discerned. The method of treatment was topical, resulting in a series of cross-sectional views of the history of economic thought. In connection with the course, members of the class read Adam Smith’s Wealth of Nations, Thomas Robert Malthus’s Essay on Population, and John Stuart Mill’s Principles of Political Economy.

Alternate Tuesdays, 8 p.m. Economic Seminary, Associate Professor Hollander and Dr. Barnett

Economic Seminary, [was led by Associate Professor Hollander] fortnightly, in two-hour sessions, through the year, with membership limited to the most advanced students, and designed to develop the use of sound methods of economic research. The general subjects of study were the commercial policies and the industrial institutions of Europe and the United States in the nineteenth century. Dr. George E. Barnett, Instructor in Political Economy, assisted in the conduct of the work. Each member of the Seminary prepared and submitted, for detailed criticism as to method and content, one or more studies within [their] field of inquiry.

Alternate Fridays, 8 p.m. Historical and Political Science Association.

Sources: Johns Hopkins University Circulars Vol. XXI, No. 154 (December, 1901), p. 15; Twenty-Seventh Annual Report of the President of The Johns Hopkins University, 1902, pp. 58-60, 62-64.

Second Half-Year, 1901-1902

Monday, 9 a.m. Elements of Statistics. Dr. Barnett.

Dr. George E. Barnett, Instructor in Political Economy, gave a course of twenty lectures on the Elements of Statisticsduring the second half- year. Attention was directed chiefly to the history of statistics and to methods of statistical investigation. As illustrative material, some of the chief problems of vital statistics were discussed.

Monday and Tuesday, 10 a.m. German Reformation. Associate Professor Vincent

The German Reformation [taught by Associate Professor J. M. Vincent]. Two hours weekly, second half-year. Beginning with the causes of the Lutheran movement these lectures extended through the Swiss Reformation until the Protestant churches were firmly established. Emphasis was laid particularly upon the social and political conditions which influenced this revolution.

Alternate Tuesdays, 8 p.m. Economic Seminary, Associate Professor Hollander and Dr. Barnett

See First Half-year 1901-1902, above

Tuesday and Wednesday, 9 a.m. Theory and Practice of Finance. Associate Professor Hollander

See First Half-year 1901-1902, above

Wednesday and Thursday, 10 a.m. English Reformation. Associate Professor Vincent

England in the Sixteenth Century [taught by Associate Professor J. M. Vincent]. Two hours weekly, second half-year. This course covered the period of the Reformation in England and included the significant parts of the reign of Elizabeth.

Wednesday, 11 a.m. Oral Examinations in General History. Dr. Ballagh.

See First Half-year 1901-1902, above

Wednesday and Thursday 12 m. Legal Aspects of Economic and Industrial Problems. Associate Professor Willoughby.

See First Half-year 1901-1902, above

Thursday and Friday, 9 a.m. Development of Economic Theories since Adam Smith. Associate Professor Hollander

See First Half-year 1901-1902, above

Sources: Johns Hopkins University Circulars Vol. XXI., No. 157 (April, 1902), pp. 73-74; Twenty-Seventh Annual Report of the President of The Johns Hopkins University, 1902, pp. 58-60, 62-64.

____________________________

Fellowship Announced June 10, 1902

Yukimasa Hattori, of Sagaken, Japan, Tokyo College of Science, 1898. Economics.

Source: Johns Hopkins University Circulars Vol. XXI., No. 159 (July, 1902), p. 111.

____________________________

Presentations by Yukimasa Hattori

Historical and Political Science Assocation

May 10, 1901. International Private Law in Japan.

Source: Johns Hopkins University Circulars Vol. XX., No. 152 (May-June, 1901), p. 89.

February, 1902. Patten’s Theory of Prosperity.

Source: Johns Hopkins University Circulars Vol. XXI., No. 157 (April, 1902), p. 66.

Economic Seminary

December 10, 1901. Commercial Relations of Japan since 1868.

April 22, 1902. Japan’s Foreign Trade since the Restoration, (1868-1900).

Source: Johns Hopkins University Circulars Vol. XXI., No. 158 (June, 1902), p. 77.

____________________________

Ph.D. Examinations

Mr. Y. Hattori.

General Examination in Political Economy, May 27, 1903
(General)

Discuss the commercial development of Japan with reference to the theory of international value.
What theoretical influences contributed to Adam Smith’s Wealth of Nations?
Trace the development of economic thought with respect to the measure of value.
Describe and criticize the wage-fund theory.
Discuss modern industrial combinations in the light of an assignable limit to the growth in the size of the modern industrial unit.
Describe the history of the general property tax, and discuss its shifting and incidence.
What successive financial measures should be taken by Japan upon the declaration of war with a foreign power?
Discuss the theoretical difficulties and the practical advantages in the use of index numbers.
Upon what principle should railroad rates be fixed? Discuss fully.
Discuss the validity of collective bargaining with reference to industrial conditions in Japan.

* * * * * * * * * *

Mr. Y. Hattori.

SPECIAL EXAMINATION IN POLITICAL ECONOMY
MAY 30, 1903.
(Money and Banking.)

Discuss the relation of prices to the money supply.
Define credit and describe its functions.
Describe the chief stages in the history of the Bank of England.
Discuss the theory of bimetallism.
Describe the chief classes of banks in the United States.
Compare the Bank of Japan with the German Reichsbank.
Discuss the relation of deposits to reserve.
Describe the history of the Japanese Currency since 1868.

* * * * * * * * * *

EXAMINATION IN POLITICAL ECONOMY, MAY 29, 1903.
Graduate Courses, 1902-1903.

Discuss credit and its service in modern economic life.
What changes are desirable in the American currency system?
Discuss the movement of the precious metals as a feature of international trade.
Speculation and its relation to modern industrial organization.
Describe the inter-relations of mercantilistic theory and practice.
The forerunners of Adam Smith and their contributions to the “Wealth of Nations”.
What is the genesis of the differential law of rent?
Contrast the places of Adam Smith and David Ricardo in the history of economic thought.

Source: Johns Hopkins University. Milton S. Eisenhower Library. Ferdinand Hamburger, Jr. Archives. Department of Political Economy. Series 6. Box 3/1. Folder “Graduate Exams, 1903-1932”.

____________________________

Ph.D. Dissertation

Hattori, Yukimasa. The Foreign Commerce of Japan Since the Restoration, 1869-1900. In the series Johns Hopkins University Studies in Historical and Political Science, Series XXII, No. 9-10. Baltimore: Johns Hopkins Press, September-October, 1904. (text: 71 pages)

JAPAN’S FOREIGN TRADE SINCE THE RESTORATION (1868-1900).
By YUKIMASA HATTORI.

[Abstract of a paper read before the Economic Seminary, April 22, 1902.]

The total amount of Japan’s exports and imports was 26 million yen in 1868; 65 million yen in 1880; 138 million yen in 1890, and from that year on, the aggregate increased by leaps and bounds—most notably after the China-Japanese War (1894-5)—until it reached the enormous sum of 491 million yen in 1900. Stated in terms of the yen, this increase is, however, more apparent than real. Since 1873 the value of silver not only relative to gold but also relative to all commodities has gradually gone down, or in other words general prices in Japan have gone up about seventy-five per cent, so that the figures above stated must be reduced according to the index number of prices in each, particular year in order to show the actual quantity of commodities.

In character, it is only since 1890 that Japan’s export trade has undergone important change. Such commodities as cotton yarn, habutaye (white silk fabric,) silk handkerchiefs, matches, straw braids, floor matting, and European umbrellas, which now form the most important exports, first appeared in the foreign trade of Japan almost simultaneously in 1890. For example, in the case of cotton yarn and habutaye,—in 1890 the export of the former was only 2,000 yen and of the latter 818,000 yen; in 1900 the corresponding figures were 20,589,000 yen and 18,314,000 yen, respectively. In other words, up to 1890, the principal articles of export were the natural products most suited to the soil of Japan such as tea, raw silk, rice, copper, coal, camphor and marine products. Since 1890, the export of manufactured goods has gradually risen to a far larger percentage than that of raw materials.

The logical consequence of this change in the character of Japan’s foreign trade has been a change in its geographical distribution. The tide of Japanese trade is moving more and more towards the eastern shores of continental Asia, namely, Russian Asia, Corea, China, Hongkong, British India and the Straits Settlement. Both exports to and imports from European countries are decreasing, relatively; while the imports from the United States show a remarkable increase.

Source: Johns Hopkins University Circulars Vol. XXI., No. 158 (June, 1902), p. 81.

Ph.D. Awarded, 1902-03:

Yukimasa Hattori, of Sagaken, Japan, Tokyo College of Science, 1898.
Subjects: Political Economy, Political Science, and History. Dissertation: The Foreign Commerce of Japan since the Restoration. Referees on Dissertation: Professor Hollander and Dr. Barnett.

Source: Johns Hopkins University, University Publications No 2, 1903-04. The Twenty-Eight Annual Report of the President with Accompanying Reports, 1903 (Baltimore, January 1904), p. 71.

Image Source: Frontpiece of the Johns Hopkins University yearbook, The Hullabaloo 1903.

Tags Barnett, DurandED, Hollander, Sherwood, Willoughby

Johns Hopkins Seminar Speakers

Johns Hopkins. Economic Seminary. Participants, Presenters and Topics, 1926-27

Post author By Irwin Collier
Post date 2019-08-26

The graduate economic seminary at Johns Hopkins University kept good records of the weekly sessions so that we know the names of all the presenters and their topics. I have added the academic backgrounds from the published Johns Hopkins Circular for graduate students either attending or presenting.

The economic seminary schedule for the following years have also been posted:

1903-1904
1904-1905

1922-1923
1923-1924
1924-1925
1925-1926
1926-1927

_____________

POLITICAL ECONOMY
The Economic Seminary

“The students following Political Economy as a principal subject for the degree of Doctor of Philosophy met weekly under the direction of Professors Hollander and Barnett. The work of the year centered in the investigation of representative forms of industrial development in the United States, and in the analysis of significant activities of American labor organizations…”

Source: The Johns Hopkins University Circular, Annual Report of the President of the Johns Hopkins University 1926-1927, (October 1927, Vol. 46, No. 385), p. 63.

_____________

MEMBERS OF THE ECONOMIC SEMINARY
1926-1927

[B = School of Business Economics; BE = Evening courses in Business Economics; E = School of Engineering; G = Graduate School of Arts and Sciences; SE = Social Economics; T = College for Teachers. The small “s” following a capital letter indicates a special student. Roman numeral indicates year of residence.]

Allen, George Levis. (G) I. S.B. Washington University 1905. Political Economy.

Allen, Paul Stephen (BE).

Adams, Beatrice. (SE) (G) II. A.B. Newcomb College, Tulane University 1925. Political Economy.

Black, Stanley.

Goodnow, Elinor Root (SE) (G) II. A.B. Vassar College 1913. Political Economy.

Hart, William Sebastian. (G) III. A.B. Johns Hopkins University 1924. Political Economy.

Helbing, Albert Theodore. (G) III. Ph.B. Denison University 1923. Political Economy.

Hodgkins, Alton Ross. (G) I. A.B. Bates College 1911; A.M. American University 1926. Political Economy.

Lampen, Dorothy. (BE) (Ts) (G) I. A.B. Carleton College 1926. Political Economy.

McCulloch, Mary W. C. (SE) (G) II. Political Economy.

McDaniel, J. Milton. (G) II. A.B. Johns Hopkins University 1924. Political Economy.

Morrissy, Elizabeth. (Gs) VI. A.B. Beloit College 1908; A.M. Johns Hopkins University 1922. Political Economy.

Murchison, Lucia. (SE) (GE) II. A.B. Agnes Scott College 1922. Political Economy.

Powlison, Keith Eon. (G) III. A.B. Columbia College 1922. Political Economy.

Rea, Leonard Owens. (G) III. A.B. Johns Hopkins University 1924. Political Economy.

Reid, Gertrude. (SE) (G) II. S.B. Elmira College 1925. Political Economy.

Schneider, David Moses. (G) III. E.E. University of Kieff [sic, Kyiv] 1921. A.M. Johns Hopkins University. Political Economy.

Snoke, M. Elsie S. (Mrs.) (SE)

Street, Helen Merryman. (SE) (G) II. A.B. Salem College 1921. Political Economy.

Taylor, Lyra. (SE) (G) II. LL.B. Victoria College, Wellington (New Zealand). Political Economy.

Van Hall, Madeleine W. (SE) (G) II. A.B. Radcliffe College 1925. Political Economy.

Walker, Mabel L. (S) (G) I. A.B. Barnard College 1926. Political Economy.

Wine, Helen. (SE) (G) II. A.B. Western Maryland College 1923. Political Economy.

Faculty

Dr. Professor Jacob Harry Hollander, Professor of Political Economy

Dr. George Ernest Barnett, Professor of Statistics

Dr. William O. Weyforth, Associate Professor of Political Economy

Dr. George Hilles Newline, Associate Professor of Accounting

Dr. Broadus Mitchell, Associate in Political Economy

Miss Theo Jacobs, Associate in Social Economics

Dr. George Heberton Evans, Jr., Instructor in Political Economy

Seminar Presentations 1926-27

October 6, 1926

The session’s first meeting of the Seminary was held on October 6. Members of the staff gave informal accounts of their summer activity.

October 13, 1926

Professor Hollander read a paper on “The Royal Commission on Indian Currency”.

October 20, 1926

Professor Barnett read a paper on “Family Allowances”.

October 22, 1926

Incident to the Fiftieth Anniversary Celebration of the University, the Department of Political Economy held a reunion of alumni Friday afternoon, October 22. The meeting was held in the Seminary Room. Professor Hollander presided. He told in outline the history of the Seminary under the seeral professors and lecturers who have directed its work. He then called upon old members of the seminary to give their reminiscences of work in the department.

Following the meeting in the Seminary Room, Professor Barnett entertained the alumni of the Departments of Political Economy, History and Political Science at tea in the Historical Library. Those attending the reunion of the Department are as follows:

Victor Rosewater	William A. Wetzel	Alfred B. Morton
A. Herbert Fedder	James W. Chapman	William O. Weyforth
Joshua Bernhardt	Broadus Mitchell	G. H. Evans, Jr.
M. A. Mechanic	A. M. Sakolski	L. Owens Rea
G. H. Newlove	Edward W. Bemis	Dorothy Lampen
K. Morimoto	David A. McCabe	Albert T. Helbing
Robert Merrick	L. F. Schmeckebie	George L. Allen
B. W. Arnold	Theo Jacobs	J. Milton McDaniel
		D. M. Schneider

At eight o’clock in the evening, fifty past members of the Seminary and members of their families were guests of Professor Hollander at dinner at his home. Several were present who had not found it possible to attend the afternoon meeting.

October 27, 1926

Dr. Mitchell read a paper on “Installment Buying”.

November 3, 1926

Mr. Powlison read a paper on “Substitution of Other Materials for Wood and Their Relation to the Lumber Industry”.

November 10, 1926

Mr. Helbing read a paper on “The Metal Trades Department of the American Federation of Labor”.

November 17, 1926

Mr. Schneider read a paper on “The Workers’ Party and the Furriers’ Union”.

November 24, 1926

Dr. Evans read a paper on “History of Preferred Stock”.

December 1, 1926

Miss Jacobs read a paper on “Trade Unions and Social Work”.

December 8, 1926

Dr. Newlove read a paper on “Graduate Schools of Business”.

December 15, 1926

Mr. Rea read a paper on “The Financial History of Baltimore Since 1900”.

Christmas Recess.

January 5, 1927

Professor Barnett read a paper on “The Validity of the Index Numbers of the Cost of Living”.

January 12, 1927

Miss Taylor read a paper on “Juvenile Courts in the United States”.

January 19, 1927

Miss Adams read a paper on “A Survey of the Hospitals of New Orleans”.

January 26, 1927

Mr. Schneider read a paper on “The Workers’ Party and the Miners’ Union”.

February 2, 1927

Miss Morrissy read a paper on “Unemployment Insurance in the Clothing Industry”.

February 9, 1927

Professor Hollander read a paper on “The Theory of a Universal Glut”.

February 16, 1927

Dr. Mitchell read a paper on “The Industrial Revolution in the South”.

February 23, 1927

Miss Lampen read a paper on “Land Reclamation in the West”.

March 2, 1927

Mr. Helbing read a paper on “The Union Label Trades Department and the Railway Employees Department of the American Federation of Labor”.

March 9, 1927

Miss Walker read a paper on “Finances of Public Libraries”.

March 16, 1927

Mr. Newman read a paper on “The Conception of Income”.

March 23, 1927

Dr. Weyforth read a paper on “The McFadden Bill”.

March 30, 1927

Mr. Hodgkins read a paper on “Baltimore’s Trade with South America”.

April 6, 1927

Professor Hollander read a paper on “John Bates Clark as an Economist”. Professor Barnett read a paper on “The Theory of the Entrepreneur”.

April 13, 1927

Mr. Newman read a paper on “Significance of Depreciation as Applied in the Administration of Federal Income Tax”.

April 20, 1927

No meeting. — Easter Recess

April 27, 1927

Miss Reid read a paper on “An Index of Dependency in Baltimore”.

May 4, 1927

Miss Streett read a paper on “Hospital Facilities for Negroes in Baltimore”.

May 11, 1927

Miss Van Hall read a paper on “Domestic Difficulty Cases of the Family Welfare Association”.

May 18, 1927

Miss Wine read a paper on “The Intake of the Family Welfare Association”. Miss Murchison read a paper on “A Study of Juvenile Gonorrheics in Baltimore”.

(last meeting)

Sources:

Johns Hopkins University. Eisenhower Library, Ferdinand Hamburger, Jr. Archives. Department of Political Economy, Series 1. Minutes of the Economic Seminary, 1892-1951. Folder “1922-1940”.

The Johns Hopkins University Circular, University Register, 1926-27, (February 1927, Vol. 46, No. 378). For full names and educational backgrounds of students in the seminar.

The Johns Hopkins University Circular, Annual Report of the President of the Johns Hopkins University 1926-1927, (October 1927, Vol. 46, No. 385), pp. 63-64. List of names and topics for seminar speakers without dates.

Image Source: Jacob Harry Hollander (ca. 1918) from Johns Hopkins University, Sheridan Libraries’ graphic and pictorial collection.

Tags Barnett, Evans, Hollander, JacobsT, MitchellB, Newline, Weyforth

Johns Hopkins Seminar Speakers

Johns Hopkins. Economic Seminary, presenters and topics. 1925-26

Post author By Irwin Collier
Post date 2019-02-07

The economic seminary schedule for the following years have also been posted:

1903-1904
1904-1905

1922-1923
1923-1924
1924-1925
1925-1926
1926-1927

_____________

POLITICAL ECONOMY

…The Economic Seminary

“The students following Political Economy as a principal subject for the degree of Doctor of Philosophy met weekly under the direction of Professors Hollander and Barnett. The work of the year centered in the investigation of representative forms of industrial development in the United States, and in the analysis of significant activities of American labor organizations…”

Source: The Johns Hopkins University Circular, Annual Report of the President of the Johns Hopkins University 1925-1926, (October 1926, Vol. 45, No. 375), pp. 106.

_____________

MEMBERS OF THE ECONOMIC SEMINARY
1925-1926

Students and visitors

[G = Graduate School of Arts and Sciences; SE = Social Economics; T = Teachers College. The small “s” following a capital letter indicates a special student. Roman numeral indicates year of residence.]

Fonaroff, Frank Israel. (Gs) I. S.B. Eng. Johns Hopkins University 1918; M.B.A. Harvard University 1924. Political Economy.

[Froehlich, Wolfgang. (G) I. Graduate, St. Elisabeth Real-Gymnasium, Breslau 1924. Political Economy.]

Fulton, Maria Kent. (SE) (G) II. A.B. Hollins College 1924. Political Economy.

Hart, William Sebastian. (Gs) II. A.B. Johns Hopkins University 1924. Political Economy.

Helbing, Albert Theodore.(G) II. Ph.B. Denison University 1923. Political Economy.

Hilberg, Mildred Edith.(SE) (G) II. A.B. Goucher College 1923. Political Economy.

Hoops, Walther Dietrich. (G) I. Ph.D. Heidelberg University 1923. Political Economy.

Howard, Charles Harold. (G) II. S.B. Gettysburg College 1923. Political Economy.

Mitchell, Elizabeth W. (SE) (G) II. A.B. Goucher College 1924. Political Economy.

Mitchell, George Sinclair. (G) III. A.B. University of Richmond 1922. Political Economy.

Newman, Andrew J. (G) II. A.B. Washington University 1910. A.M. University of Missouri 1911. Political Economy.

Northcutt, Elizabeth. (SE) (G) I. S.B. in Education, University of Missouri 1924. S.B. in Business and Public Administration 1925. Political Economy.

Powlison, Keith Eon. (G) II. A.B. Columbia College 1922. Political Economy.

Rea, Leonard Owens. (G) II. A.B. Johns Hopkins University 1924. Political Economy.

Richardson, Ellen L. (SE) (G) II. A.B. Wellesley College 1919. Political Economy.

Richardson, Hayes Ayres. (Ts) (G) I. A. B. Randolph-Macon College 1922. Political Economy.

Robinson, Carolyn A. (G) I. A.B. Wellesley College 1924. Political Economy.

Schneider, David M. (G) II. E.E. University of Kieff [sic, Kyiv?] 1921. Political Economy.

Townsend, Clarissa L. (SE) (Gs) III. A.B. Goucher College 1923. Political Economy.

Faculty

Professor Jacob H. Hollander, Professor of Political Economy

Professor George E. Barnett, Professor of Statistics

Dr. William O. Weyforth, Associate Professor of Political Economy

Dr. Broadus Mitchell, Associate in Political Economy

Miss Theo Jacobs, Associate in Social Economics

Dr. George Heberton Evans, Jr., Instructor in Political Economy

_____________

Seminar Presentations 1925-26

October 7, 1925

The session’s opening meeting of the Seminary was held in the Seminary Room, 315 Gilman Hall, at 2 o’clock. Accounts were given of summer experiences. The list of the members of the Seminary is given on another page [see above].

October 14, 1925

Professor Hollander read a paper on “The History of the Manuscript of Ricardo’s ‘Notes on Malthus’.”

October 21, 1925

Professor Barnett read a paper on “The Introduction of Machinery and the Displacement of Skill”.

October 28, 1925

Dr. Weyforth read a paper on “The ‘Current Rate of Wages’ in Baltimore”.

November 4, 1925

Dr. Mitchell read a paper on “Simon Newcomb and Simon N. Patten”.

November 11, 1925

Mr. Mitchell read a paper on “The Progress of the Unions in the Southern Textile Industry. (1900-1925).”

November 18, 1925

Mr. Powlinson read a paper on “Historical Sketch of the Hours of Labor Movement.”

November 25, 1925

Mr. Rea read a paper on “The Development of Uniform Municipal Accounting.”

December 2, 1925

Mr. Newman read a paper on “Definition of Income.”

December 9, 1925

Mr. Schneider read a paper on “The Workers’ Party in the Machinists’ Union”.

December 16, 1925

Mr. Helbing read a paper on “Structure and Function of the Building Trades Department of the A. F. of L.

Christmas Recess.

January 6, 1926

Mr. Howard read a paper on “Promotion and Tenure in the Brotherhood of Railroad Trainmen.”

January 13, 1926

Professor Hollander read a paper on “Introduction to Ricardo’s Notes on Malthus”.

January 20, 1926

Professor Barnett read a paper on “The Introduction of Machinery and Trade Union Policy”.

January 27, 1926

Dr. Mitchell read a paper on “The Economic Opinions of William Gregg and J. H. Hammond”.

February 3, 1926

Miss Townsend read a paper on “Sight-Saving Classes in Baltimore”.

February 10, 1926

Miss Jacobs read a paper on “The Attitude of Trade Unions toward Social Work.”.

February 17, 1926

Mr. Mitchell read a paper on “Trade Unions in the Southern Textile Field”.

February 24, 1926

Miss Richardson read a paper on “The Shriners’ Hospitals for Crippled Children”.

March 3, 1926

Mr. Schneider read a paper on “Union Cooperative Management Plans”.

March 10, 1926

Dr. Hoops read a paper on “The German Iron Industry.

March 17, 1926

Mr. McDaniel read a paper on “The Leather Workers”.

March 24, 1926

Mr. Froehlich read a paper on “The Reconstruction of German Finances”.

March 31, 1926

Miss Mitchell read a paper on “The Intake of the Henry Watson Children’s Aid Society”.

April 14, 1926

Professor Barnett read a paper on “Family Endowments”.

April 21, 1926

Professor Hollander read a paper on “Differences between Ricardo and Malthus as to Rent”.

April 28, 1926

Miss Hilberg read a paper on “Public Welfare in Maryland”.

May 5, 1926

Miss Northcutt read a paper on “The Housing of Common Laborers in Baltimore”.

May 12, 1926

Mr. Richardson read a paper on “Treasury Certificates of Indebtedness”.

May 19, 1926

Mr. Newman read a paper on “The Distinction between Capital and Income as Revealed by the Income Tax”. This was the last meeting of the seminary for the session 1925-26.

Sources:

Johns Hopkins University. Eisenhower Library, Ferdinand Hamburger, Jr. Archives. Department of Political Economy, Series 1. Minutes of the Economic Seminary, 1892-1951. Folder “1922-1940”.

The Johns Hopkins University Circular, University Register, 1925-26, (November 1925, Vol. 44, No. 365).

The Johns Hopkins University Circular, Annual Report of the President of the Johns Hopkins University 1925-1926, (October 1926, Vol. 45, No. 375), pp. 106-107. Also lists names and topics for seminar speakers.

Image Source: Gilman Hall, Johns Hopkins University from the Johns Hopkins’ yearbook Hullabaloo (1924) .

Tags Barnett, EvansGH, Hollander, JacobsT, MitchellB, Weyforth

Cf. Economics Exams from 1937-38 (Previously Posted)

1931-32

1-C. Elements of Economics.

THE JOHNS HOPKINS UNIVERSITY Mid Year Examination POLITICAL ECONOMY 1-C

THE JOHNS HOPKINS UNIVERSITY Final Examination POLITICAL ECONOMY 1-C

THE JOHNS HOPKINS UNIVERSITY Mid Year Examination POLITICAL ECONOMY 1-C

THE JOHNS HOPKINS UNIVERSITY Final Examination POLITICAL ECONOMY 1-C

Political Economy 1-C (Dr. Weyforth) Note Mid-year Exam 1931-32 missing 1930-31 exam substituted here

THE JOHNS HOPKINS UNIVERSITY Mid-Year Examination Political Economy 1 (Dr. Weyforth)

THE JOHNS HOPKINS UNIVERSITY Final Examination POLITICAL ECONOMY 1-C

2-C. Statistics. Dr. EVANS.

THE JOHNS HOPKINS UNIVERSITY Mid Year Examination POLITICAL ECONOMY 2-C

THE JOHNS HOPKINS UNIVERSITY Final Examination POLITICAL ECONOMY 2-C

3-B. Money and Banking. Associate Professor WEYFORTH.

THE JOHNS HOPKINS UNIVERSITY Mid Year Examination POLITICAL ECONOMY 3-B

THE JOHNS HOPKINS UNIVERSITY Final Examination POLITICAL ECONOMY 3-B

4-B. Labor Problems. Professor BARNETT. (Course 4B will not be given in 1931-32.)

THE JOHNS HOPKINS UNIVERSITY Political Economy 4-B Mid-year Examination

THE JOHNS HOPKINS UNIVERSITY Final Examination POLITICAL ECONOMY 4-B

6-B. Corporation Finance and Investments.

THE JOHNS HOPKINS UNIVERSITY Mid Year Examination POLITICAL ECONOMY 6-B

THE JOHNS HOPKINS UNIVERSITY Final Examination POLITICAL ECONOMY 6-B

11-B. Principles of Accounting.

THE JOHNS HOPKINS UNIVERSITY Mid Year Examination POLITICAL ECONOMY 11-B

THE JOHNS HOPKINS UNIVERSITY Final Examination POLITICAL ECONOMY 11-B

THE JOHNS HOPKINS UNIVERSITY Mid Year Examination POLITICAL ECONOMY 12-B

THE JOHNS HOPKINS UNIVERSITY Final Examination POLITICAL ECONOMY 12-B

14-B. Corporation Accounting.

THE JOHNS HOPKINS UNIVERSITY Mid Year Examination POLITICAL ECONOMY 14-B

THE JOHNS HOPKINS UNIVERSITY Final Examination POLITICAL ECONOMY 14-B

20-B. Marketing.

THE JOHNS HOPKINS UNIVERSITY Mid Year Examination POLITICAL ECONOMY 20-B

THE JOHNS HOPKINS UNIVERSITY Final Examination POLITICAL ECONOMY 20-B Marketing

21-B. Sales Management.

EXAMINATION POLITICAL ECONOMY 21-B

EXAMINATION Political Economy 21-B (Sales Management)

22-B. Commercial Law.

THE JOHNS HOPKINS UNIVERSITY Mid Year Examination Political Economy 22 (Commercial Law)

THE JOHNS HOPKINS UNIVERSITY Final Examination POLITICAL ECONOMY 22 (Commercial Law)

Previous years’ exams transcribed

Johns Hopkins Faculty 1921-22 For Undergraduate Courses in Political Economy

UNDERGRADUATE COURSES 1921-22

THE JOHNS HOPKINS UNIVERSITY POLITICAL ECONOMY I (Academic Section)

January 30, 1922 — 2-5 P.M.

JOHNS HOPKINS UNIVERSITY EXAMINATION IN POLITICAL ECONOMY I (Academic Section)

Wednesday, May 31 — 2-5 P.M.

RE-EXAMINATION POLITICAL ECONOMY I. [Handwritten note: Late June 1922]

POLITICAL ECONOMY 1. Dr. Weyforth

Monday — January 30, 1922 — Afternoon.

JOHNS HOPKINS UNIVERSITY POLITICAL ECONOMY 1 (Engineering Group)

[N.B. falsely filed as a 1923 exam]

Wednesday, May 31.

POLITICAL ECONOMY II.

Thursday, February 2, 1922 — 9-12 A.M.

JOHNS HOPKINS UNIVERSITY POLITICAL ECONOMY II Money and Banking Dr. Weyforth

Friday, June 2

THE JOHNS HOPKINS UNIVERSITY POLITICAL ECONOMY IV (Labor Problems)

February 2, 1922 — 9 A.M.-12M.

EXAMINATION IN POLITICAL ECONOMY IV.

Friday, June 2nd, 1922, (3-5 p.m.)

POLITICAL ECONOMY VI Dr. Weyforth.

Tuesday — January 31, 1922 — Afternoon.

[POLITICAL ECONOMY VII.] SOCIAL ECONOMICS Miss Jacobs.

Monday — January 30, 1922 — Morning

Johns Hopkins Faculty for the Undergraduate Courses in Political Economy 1923-1924

UNDERGRADUATE COURSES 1923-24

Examinations for Undergraduate Political Economy Courses Johns Hopkins University 1923-1924

POLITICAL ECONOMY I “A”

February 5th, 1924—9-12 A.M.

POLITICAL ECONOMY I “A” [Dr. Weyforth]

Thursday; May 29, 1924—9 a.m.

POLITICAL ECONOMY I “B” [Mitchell.]

Tuesday, February 5th, 1924—9-12 A.M.

POLITICAL ECONOMY I “B” Elements of Economics

Thursday, May 29, 1924

POLITICAL ECONOMY I “C”

February 5th, 1924—9-12 A.M.

POLITICAL ECONOMY I “C” [Mr. Gillies]

May 29, 1924—9 A.M.

Examination in Statistics (Pol. Econ. II)

Cf. Economics Exams from 1937-38
(Previously Posted)

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 1-C

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 1-C

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 1-C

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 1-C

Political Economy 1-C (Dr. Weyforth)
Note Mid-year Exam 1931-32 missing
1930-31 exam substituted here

THE JOHNS HOPKINS UNIVERSITY
Mid-Year Examination Political Economy 1
(Dr. Weyforth)

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 1-C

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 2-C

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 2-C

3-B. Money and Banking.
Associate Professor WEYFORTH.

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 3-B

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 3-B

4-B. Labor Problems.
Professor BARNETT.
(Course 4B will not be given in 1931-32.)

THE JOHNS HOPKINS UNIVERSITY
Political Economy 4-B
Mid-year Examination

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 4-B

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 6-B

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 6-B

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 11-B

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 11-B

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 12-B

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 12-B

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 14-B

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 14-B

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 20-B

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 20-B Marketing

EXAMINATION
POLITICAL ECONOMY 21-B

EXAMINATION
Political Economy 21-B
(Sales Management)

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
Political Economy 22 (Commercial Law)

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 22
(Commercial Law)

Johns Hopkins Faculty 1921-22
For Undergraduate Courses in Political Economy

UNDERGRADUATE COURSES
1921-22

THE JOHNS HOPKINS UNIVERSITY
POLITICAL ECONOMY I
(Academic Section)

JOHNS HOPKINS UNIVERSITY
EXAMINATION IN POLITICAL ECONOMY I
(Academic Section)

RE-EXAMINATION
POLITICAL ECONOMY I.
[Handwritten note: Late June 1922]

POLITICAL ECONOMY 1.
Dr. Weyforth

JOHNS HOPKINS UNIVERSITY
POLITICAL ECONOMY 1
(Engineering Group)

JOHNS HOPKINS UNIVERSITY
POLITICAL ECONOMY II
Money and Banking
Dr. Weyforth

THE JOHNS HOPKINS UNIVERSITY
POLITICAL ECONOMY IV
(Labor Problems)

POLITICAL ECONOMY VI
Dr. Weyforth.

[POLITICAL ECONOMY VII.]
SOCIAL ECONOMICS
Miss Jacobs.

Johns Hopkins Faculty
for the Undergraduate Courses in Political Economy
1923-1924

UNDERGRADUATE COURSES
1923-24

Examinations for
Undergraduate Political Economy Courses
Johns Hopkins University
1923-1924

POLITICAL ECONOMY I “A”
[Dr. Weyforth]

POLITICAL ECONOMY I “B”
Elements of Economics

POLITICAL ECONOMY I “C”
[Mr. Gillies]

Examination in Statistics
(Pol. Econ. II)

POLITICAL ECONOMY VI
Corporation Finance

POLITICAL ECONOMY X
Business Organization

POLITICAL ECONOMY XI
Accounting 1

POLITICAL ECONOMY XI
Accounting 1
[Dr. Newlove]

POLITICAL ECONOMY XII
ECONOMIC HISTORY

POLITICAL ECONOMY XII
ECONOMIC HISTORY

POLITICAL ECONOMY XIII
SOCIAL ECONOMICS

February 4^th, 1924—9-12 A.M.

POLITICAL ECONOMY XIII
SOCIAL ECONOMICS

THE JOHNS HOPKINS UNIVERSITY
Political Economy 1C
Mid-year Examination
Dr. Evans
February 1, 1933

THE JOHNS HOPKINS UNIVERSITY
Political Economy 1C
Mid-year Examination
Dr. Mitchell
February 6, 1933

THE JOHNS HOPKINS UNIVERSITY
Political Economy 1C
Mid-year Examination
Dr. Weyforth
February 2, 1933

THE JOHNS HOPKINS UNIVERSITY
Political Economy 1C
Final Examination
Dr. Mitchell
June 5, 1933

THE JOHNS HOPKINS UNIVERSITY
Political Economy 1C
Final Examination
Dr. Evans
May 31, 1933

THE JOHNS HOPKINS UNIVERSITY
Political Economy 2C
Mid-year Examination
February 3, 1933

THE JOHNS HOPKINS UNIVERSITY
Political Economy 2C
Final Examination
June 2, 1933

3B. Money and Banking.
Associate Professor Weyforth.

THE JOHNS HOPKINS UNIVERSITY
Political Economy 3B
Mid-year Examination
January 31, 1933

THE JOHNS HOPKINS UNIVERSITY
Political Economy 3B
Final Examination
May 30, 1933

THE JOHNS HOPKINS UNIVERSITY
Political Economy 4B
Mid-year Examination
January 30, 1933

THE JOHNS HOPKINS UNIVERSITY
Political Economy 4B
Final Examination
May 29, 1933

THE JOHNS HOPKINS UNIVERSITY
Political Economy 12B
Mid-year Examination
Dr. Mitchell
February 3, 1933

THE JOHNS HOPKINS UNIVERSITY
Political Economy 12B
Final Examination
June 2, 1933

Copy of memo from
Leon Carroll Marshall

THE UNIVERSITY OF CHICAGO
Department of Economics

Response from
Jacob Viner

The University of Chicago
Department of Political Economy

Response from
Paul Howard Douglas

The University of Chicago
The School of Commerce and Administration

Response from
Lloyd Wynn Mints

The University of Chicago
The School of Commerce and Administration

Response from
Harry Alvin Millis