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Exam Questions Johns Hopkins Undergraduate

Johns Hopkins. Undergraduate economics examinations, 1921-1922

 

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.

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Previous years’ exams transcribed

Undergraduate exams for 1919-20.

Undergraduate exams for 1922-23.

Undergraduate exams for 1923-24.

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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.

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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.

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THE JOHNS HOPKINS UNIVERSITY
POLITICAL ECONOMY I
(Academic Section)

January 30, 1922 — 2-5 P.M.

  1. What was the economic situation of England during the Roman occupation?
  2. Describe the economic strength and weakness of the manorial system, and show how the feudal plan suggests the Single Tax scheme.
  3. 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?
  4. Tell what you know of trading in England in the middle ages.
  5. Suppose half the people of the United States should die inside of two or three years. What would be the chief economic consequences?
  6. 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?
  7. What was the economic condition of England on the eve of the Industrial Revolution?
  8. What is the significance of the Industrial Revolution? How did the factor system differ from the factory system?
  9. Define briefly: enclosures, Peasants’ revolt, Gresham’s Law, Steelyard, steward, serf or villein, apprentice, domestic system, Doomsday Book, Statute of Artificers, staple, virgate.
  10. 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.

  1. What distinction would you draw between history, political science, and political economy? Explain fully.
  2. What facts in the industrial history of England illustrate economic principles that we have dwelt upon?
  3. Define: Wealth, capital, labor, time discount, wages of superintendence, consumer’s surplus, real wages, economic good, marginal productivity, entrepreneur.
  4. 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?
  5. What was the wage-fund theory, and how was it used to discourage trade unionism?
  6. 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.”
  7. What accounts for the phenomenon of interest?
  8. What is meant by pure profit?
  9. 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.
  10. Give, briefly, as many arguments as you can for and against trade unionism?
  11. 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]

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

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POLITICAL ECONOMY 1.
Dr. Weyforth

Monday — January 30, 1922 — Afternoon.

  1. Describe the chief characteristics of the economic life of the towns in England during the sixteenth and seventeenth centuries.
  2. What was the industrial revolution? What new conditions and what problems in economic life resulted from it?
  3. Define the following terms: goods, free goods, economic exchange value, price,
  4. Explain the underlying principles of “scientific management” in production. State and explain the attitude of organized labor toward scientific management.
  5. Explain how market price is determined under conditions of competition. What is the relationship between market price and expenses of production?
  6. Describe the principal forms of combination that have been used in the United States. Outline the main features of Federal legislation concerning combinations.
  7. 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.
  8. 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.

  1. Define the various types of credit. Explain how bank credit serves as a substitute for money as a medium of exchange,
  2. Explain the factors that a bank officer takes into consideration in judging of the credit standing of a borrower,
  3. What is the fallacy involved in the mercantilist theory of the desirability of a favorable balance of trade?
  4. Explain the theory that each factor in production tends to receive a share of the product corresponding to its marginal productivity.
  5. What is interest? Give an analysis of the forces that determine its rate.
  6. How do you account for inequalities in the personal distribution of wealth? Why is less inequality desirable? How could it be effected?
  7. 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.
  8. What is socialism? Give briefly the arguments for and against

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POLITICAL ECONOMY II.

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

  1. What is the distinction between a census and a registration?
  2. Define an average. Illustrate by defining the arithmetic mean, the mode and the median.
  3. Define an index number. Explain the difference between the aggregate and the relative methods of constructing an index number.
  4. 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
  1. For the same group, calculate the mode.
  2. For the same group, calculate the mean.

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

Friday, June 2

  1. 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?
  2. Define credit. What are the various kinds of credit? Distinguish especially the difference between investment credit and mercantile or commercial credit?
  3. What is the function of the commercial paper house or note broker in present day commercial banking?
  4. What is (a) a trade acceptance and (b) a bank acceptance? Explain their use and advantages.
  5. What problems are presented to bankers (a) by seasonal fluctuations in business and (b) by cyclical fluctuations in business?
  6. Describe the organization of the Federal Reserve System.
  7. In what way does the Federal Reserve System provide for elasticity in currency and elasticity in credit?
  8. 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?

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THE JOHNS HOPKINS UNIVERSITY
POLITICAL ECONOMY IV
(Labor Problems)

February 2, 1922 — 9 A.M.-12M.

  1. What are the principal reasons for believing that trade unionism and employers’ associations did not originate in the medieval gilds?
  2. State in some detail who Francis Place was and explain his service to trade unionism.
  3. What present-day evidences have we of the spirit which characterized the English combination acts?
  4. State the arguments for and against the “closed shop”.
  5. What do you know of the history of strikes?
  6. Give your estimate of the purposes and progress of workers’ education in England and in the United States?
  7. 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?
  8. Speak of the trade agreement and its significance.
  9. Describe briefly one of the books you read during this course.
  10. What do you think will be the next important development in the labor movement in this country?
  11. List the books you have read for this course.

 

EXAMINATION IN POLITICAL ECONOMY IV.

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

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

 

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POLITICAL ECONOMY VI
Dr. Weyforth.

Tuesday — January 31, 1922 — Afternoon.

  1. Explain the construction of a logarithmic chart. What are its advantages?
  2. 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?
  3. Describe the way in which the Bureau of Labor Statistics index number of the total cost of living is constructed
  4. 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.
  5. Explain as fully as you can the system employed by the Harvard University Committee on Economic Research for the forecasting of business conditions.

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[POLITICAL ECONOMY VII.]
SOCIAL ECONOMICS
Miss Jacobs.

Monday — January 30, 1922  — Morning

  1. Give the arguments for and against public outdoor relief.
  2. Give the war and peace time activities of the American Red Cross.
  3. What is the Confidential Exchange of Information? What is its value to the community?
  4. What are the effects of dependency and delinquency upon the community?
  5. Give some of the causes of poverty. Tell how some of them may be lessened or eradicated.
  6. 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.