A

1. What is the economic viewpoint of consumption?

2. How does this viewpoint differ from the ethical viewpoint?

3. How is consumption related to industrial efficiency?

4. Distinguish between unwise consumption and harmful consump-tion.

5. What are some of the motives that lead to unwise consumption? harmful consumption ?

6. Why does the saving problem become easy after the first step?

7. How does substitution encourage thrift?

8. Distinguish between the social and the individual viewpoint of waste.

9. What is the relation between plain living and high thinking?

B

1. Make a list of ten articles the consumption of which is harmful.

a. Would each be harmful at all times?

b. Would each be harmful to all persons at any time?

c. Which, if any, become harmful only with excessive consumption ?

d. Would everybody agree with your list?

2. Mention ten instances of waste that have come under your observation.

a. How many of the ten were conscious wastes? How many unconscious?

b. How could these wastes have been avoided?

c. Were any of these wastes beneficial to any individual?

Whom?

d. Were any of them beneficial to society? Explain.

3. Suppose you begin now to save ten dollars a month, investing it in building and loan stock at seven per cent.

a. In how many years would your stock be worth $1000?

b. How could you invest this amount to an advantage?

c. How many times could you repeat this operation before you are fifty years of age?

d. What would then be the total value of your investment?

e. Is this amount more or less than the total wealth of the average well-to-do individual at that age? 4. Make a list of food substitutions.

a. Why are these substitutions consumed?

b. Which are less palatable than the foods for which they are substituted ?

c. Is there any popular prejudice against any of these substitutes?

d. How, if at all, is this prejudice being destroyed?

C

1. In discussions of the liquor business, what is the essential difference between temperance and prohibition? How could an individual support one without supporting the other? Which of the two is more intimately connected with government regulation? with moral education?

2. A few years ago, a large manufacturing concern established its pay days on Wednesdays. Shortly afterward it changed back to Saturdays. Give reasons for the last change.

3. A farmer usually consumes much more food than a man living in the city. Does this mean that the farmer is overeating or that the city man is undereating? How, then, shall we determine how much food is sufficient for any individual?

4. "Americans grumble at the high cost of living. If they would look about they would see that a much greater evil is the cost of high living." a. Has there been an increase in the cost of living?

b. What is meant by the expression "cost of high living"?

c. Is there any relation between the two?

5. "Americans are notorious spendthrifts. European shopkeepers have three prices for their goods: one for their native customers in moderate circumstances; another for native millionaires; and the highest for American tourists." a. Why is the typical American liberal with his money?

6. What is the general notion about one who spends his money with care? c. Account for the prevalence of the tipping habit in this country.

Supplementary Reading

Bullock, Introduction to the Study of Economics, 3d ed., pages 107-113. Ely, Outlines of Economics, 3d ed., pages 122, 123, 497-500. Fetter, Economics, Vol. I, pages 285-299. Johnson, Introduction to Economics, pages 197-199. Seager, Principles of Economics, pages 83, 316-321. Taussig, Principles of Economics, 2d ed., Vol. I, pages 90-92, Vol. II, pages 16-21.