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The honors examination questions for Money, Credit and Prices from the University of Toronto transcribed below were filed away by A. G. Hart in a folder marked “Chi[cago] Qualifying”, perhaps not an ideal resting place for this particular archival artifact. At least now these exam questions are discoverable through a standard internet search and provide researchers going to the University of Toronto archives a tip should they search for economics course materials there.
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Course descriptions
3e. Money, Credit and Prices. A course dealing with monetary theory and related subjects, including the discussion of the role of money in economic theory; bimetallism; the gold standard; the gold exchange standard; the relation between money, credit, production and prices; the business cycle; central banks and the control of credit; stabilization of business; the foreign exchanges; the role of money in the theory of international trade; money and foreign exchange; problems in various countries, including reparations. For reference: Cassel, Theory of Social Economy, Vol. II, and Money and Foreign Exchange after 1914; Fisher, The Purchasing Power of Money; Keynes, A Treatise on Money; Marshall, Money, Credit and Commerce; Edie, Money, Bank Credit and Prices; Willis and Beckhart, Foreign Banking Systems; Burgess, Interpretations of the Federal Reserve Bank; Mitchell, Business Cycles, the Problem, and its Setting; Snyder, Business Cycles and Business Measurements; Hobson, Rationalization and Unemployment; Gregory, Foreign Exchange; Taussig, International Trade; Angell, International Prices; The Young Plan; Reports of Agent General for Reparations; Reports of League of Nations Gold Delegation; The Macmillan Report, 1931; Current Financial Literature. Three hours a week.
3h. Banking. A special course on the theory and practice of banking operations. One hour a week.
Source: University of Toronto Calendar, Faculty of Arts 1932-33. University of Toronto Press, pp. 112-113.
Image Source: Detail from photo of A. F. Wynne Plumptre (1972) from the University of Toronto Archives Image Bank.
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Card paper clipped to examination copy
I thought you might find this of interest.
A. F. Wynne Plumptre [B.A., Lecturer]
Kings College, Cambridge
Toronto, Canada
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UNIVERSITY OF TORONTO
FACULTY OF ARTS
ANNUAL EXAMINATIONS, 1933
THIRD YEAR—HONOUR
ECONOMICS 3e, 3h
MONEY, CREDIT AND PRICES
Examiners—The Staff in Economics
(Question ONE must be answered by all candidates, and THREE or FOUR other questions.)
- What do you mean by “inflation”? Under what circumstances, if any, is it desirable?
- The following figures appear in the monthly returns of the combined Canadian Chartered Banks:
(in millions of dollars)
| Sept. 1929. | Sept. 1932. | |
| Current Commercial loans |
1,404 |
1,003 |
| Total Securities held |
487 |
704 |
| Demand Deposits |
759 |
481 |
| Notice Deposits |
1,471 |
1,359 |
| Bank Notes in circulation |
197 |
132 |
| Finance Act borrowings |
79 |
23 |
Sketch the probable causes of these movements.
- It is said, often in criticism of French financial methods, that the power of finance is used in that country to further political ends. In England, on the other hand, efforts have usually been made to keep “politics” dissociated from “finance”; i.e., to keep politicians from dictating the country’s monetary and financial policies. How far, in your opinion, can or should the two be kept separate in Canada or any other country?
- “The establishment of the federal reserve bank system…is actually the reason why they have had the recent trouble in the United States banks.” (Sir John Aird, quoted in the Toronto Daily Star, March 22nd, 1933.) How far do you agree with this statement?
- In maintaining the gold standard, “world wide international co-operation becomes all but essential just at the moment when the particular local manifestations of the universal trouble occupy the whole attention of the Government in each country and make international action specially difficult.” (Sir Basil Blackett.) Is this a fair summary of the causes of the breakdown of the international gold standard? If so, does it necessarily follow that the restoration and subsequent maintenance of the gold standard is impracticable?
- Give an outline of what is meant by any two of the following policies:
Bimetallism,
Remonetization of silver,
Revaluation of gold,
Reduction of central bank reserve ratios.
- Outline very briefly the theory of “comparative costs” in international trade. How far do you think it is desirable that members of the newly appointed Canadian tariff board should be familiar with the principles of this theory?
- Do you believe that monetary policy is, or might be, a major factor in determining the level of prices and prosperity in either Canada or England or some other country? (Candidates should answer this question with respect to one country only.)
- “Booms and slumps are simply the expression of the results of an oscillation of the rate of interest about its equilibrium position.” (J. M. Keynes.) How far do you agree?
- Suppose that, at the forthcoming World Economic Conference, it were generally agreed that international exchange rates should be stabilized immediately. What factors would you then take into consideration in estimating at what rate the Canadian dollar should be stabilized? How far would the theory of “purchasing power parity” assist you?
- It appears to be customary for monetary theorists to make use of equations in explaining their theories. Why do you think they have used this method? Do you think that such an equation is likely to clarify or becloud the theory to which it refers?
Source: Columbia University Archives. Albert Gailord Hart Papers, Box 60, Folder “Exams: Chi[ago] Qualifying”