Yutaka Horiba, Rickey C. Kirkpatrick, Factor Endowments, Factor Proportions, and the Allocative Efficiency of U.S. Interregional Trade, The Review of Economics and Statistics, Vol. 63, No. 2 (May, 1981), pp. 178-187

This paper consolidates the results of some recent work on the relation between forward prices and futures prices. It develops a number of propositions characterizing the two prices. These propositions contain several testable implications about the difference between forward and futures prices. Many of the propositions show that equilibrium forward and futures prices are equal to the values of particular assets, even though they are not in themselves asset prices. The paper then illustrates these results in the context of two valuation models and discusses the effects of taxes and other institutional factors.

The Basic Economics Test (BET) (see Chizmar, Ronald Halinski, and Bernard McCarney) and the Test of Economic Literacy (TEL) (Soper, 1978) are achievement tests of the basic principles of economics designed for use in grades 4 through 6 and in grades 11 and 12, respectively. The BET represents a substantive revision of the Test of Elementary Economics (TEE) developed in 1971, while the TEL is an update of the Test of Economic Understanding (TEU) published in 1963. The decision to revise the TEU and subsequently the TEE was motivated by three considerations. First, the Framework for Teaching Economics: Basic Concepts (W. Lee Hansen et al.) was released in 1977. This document presented the most recent statement of the conceptual structure of the economics discipline and related that structure to decisionmaking. It was envisioned that this structure would be used by curriculum planning groups in designing K-12 economics programs. In conjunction, new evaluation instruments to be used in the planning and evaluation processes reflecting the specifications of the Master Curriculum Guide (MCG) Framework were now needed. Second, the period of the late 1970's saw many important curriculum materials developments. Two deserve special mention. The MCG Strategies for Teaching Economics, available now in five grade-specific or discipline-specific volumes, have detailed specific guidelines for teaching the concepts outlined in the MCG Framework. In addition, a number of excellent audio-visual curriculum products have become available for use at various grade levels (see Laurence Moss). For example, Trade Offs, a series of fifteen 20-minute color television film programs in economics education for children 9 to 13 years of age, was released in 1978. Because of these and other curriculum developments, new testing instruments were now needed. Third, in the decade of the 1970's many theoretical and empirical advances have been made in the models used to evaluate changes in cognitive achievement due to educational innovation (see John Siegfried and Rendigs Fels). Although these models have been devised and utilized primarily at the college level, they have begun to trickle down to evaluations conducted at the high school and grade school levels. Worthwhile evaluation must be built on a solid foundation of good data. In 1970, Wassily Leontief -in his presidential address to the Association cautioned the discipline against elaborate model building (what Frisch called playometrics) in the face of deficient data:

ABSTRACT This paper provides further evidence on the distributional impact of interest rate ceilings on the small saver. Cross‐section data from the 1977 Consumer Credit Survey was used to estimate the implicit losses imposed on different income classes by government regulations. Our findings generally support earlier studies which found the implicit burden to be regressive among income classes. However, the degree of regressivity showed a marked decrease since 1970. These results may be explained by portfolio adjustments of households and financial innovations in response to deposit rate ceilings and accelerating inflation during the 1970s.