Johns Hopkins. Undergraduate Economics Exams, 1920

 

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.

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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.

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UNDERGRADUATE COURSES
1919-20

1. (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.
2. (a) Statistical Methods.
   After a preliminary study of the value and place of statistics as an instrument of investigation, attention is directed to the chief methods used in statistical inquiry.
   Three hours weekly, first half-year. Professor Barnett.
   (b) 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.
3. (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.]
4. (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.

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THE JOHNS HOPKINS UNIVERSITY
POLITICAL ECONOMY I
[Economic history]

February 5, 1920, 9 – 12 A.M.

1. Describe the manor system.
2. How were the gilds organized, and what were the circumstances of their dissolution? What were the economic consequences of the Black Death?
3. Discuss the Industrial Revolution, giving its causes and main effects. What results did it have for the manual worker in England?
4. 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?
5. Discuss the Factory Acts. What tendency in social thinking did they represent?
6. What are chief social and economic advantages and disadvantages of the division of labor?
7. 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.

1. Name and discuss as many theories of wages as you know.
2. Explain, with the assistance of a diagram, the differential principle of rent. How does the argument of the Single Tax rest on this law?
3. What is the distinction between interest and profits? Explain the economic justification of each.
4. Describe the functions of credit. Show how the Federal Reserve System has remedied defects in the National Bank System.
5. 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.”
6. Using your economic knowledge, supplemented by conversation with a man of affairs, give an estimate of the present financial and business situation.
7. What are the theoretical foundations and practical proposals of socialism?
8. 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.

1. Explain how a “refined” death rate is calculated. Illustrate.
2. What kinds of questions can not properly be asked in taking a census?
3. Define “average” and “measure of dispersion.”
4. Discuss the significance of different averages.
5. 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

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

*  *  *  *  *  *  *

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

TUESDAY June 1, 1920, 2 – 5 P.M.

1. Describe the various forms of money in use in the United States.
2. What are the essential features of a system of bimetallism? Explain the advantages and disadvantages of such a system.
3. Give a brief history of the greenbacks.
4. What is a bill of exchange? An acceptance? A promissory note? What are the advantages of trade acceptances?
5. What are the principal ways in which deposits originate in commercial banks? Explain the connection between loans and deposits.
6. Describe the defects of the old national banking system.
7. Outline the organization of the Federal Reserve System.
8. 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.

1. Did trade unionism in England originate in the gilds? Did the American labor movement grow out of gild organizations? Give reasons for your answer.
2. How did the Industrial Revolution affect British working-men?
3. Discuss the Combination Acts. Who was Francis Place and what part did he play in the labor movement?
4. What facts as to the Knights of Labor are indicated by the motto “an injury to one is the concern of all”?
5. Discuss the closed shop.
6. Is there any justification for the policy of restriction of output as employed by unions? By employers?
7. What are the chief causes of strikes? How have unions affected the causes of strikes?
8. 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.

1. Discuss the relative advantages of the various legal forms of the business unit.
2. Trace briefly the history of the corporation.
3. Define “preferred stock” and describe the varieties of such stock.
4. Why are ordinary business corporations frequently over-capitalized? Is this justifiable?
5. State the principles of capitalization adopted by public service commissions.
6. Explain the difference between “treasury stock” and “authorized but not issued” stock.
7. Discuss the legal relations of the persons participating in a syndicate.
8. How are corporate securities usually marketed? Why?
9. Explain and discuss the principle of “trading on the equity” as applied in the capitalization of corporations.
10. 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.

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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