The Graduate Record Examination (GRE) in Physics was analyzed as a specific indicator of learning outcomes in that undergraduate major. Textbooks were selected as a measure of curriculum content. A representative sample of colleges and universities (n=59) responded to questions about physics courses and textbooks and the existence of a graduate program in physics. Two panels of experts, 16 physics professors in all, rated the extent to which each text taught students what they needed to know to perform well on the GRE Physics Test. Subfields of physics that were evaluated included mechanics, electricity and magnetism, thermodynamics and statistical mechanics, and modern and quantum physics. The panel prepared two indices: (1) R1, how well a text "covered" the GRE; and (2) R2, how well the GRE "covered" the textbook. The interrater reliability of R1 ratings was good, but the reliability of R2 ratings was not as good. Values from the R1 index indicated that the curriculum generally prepared students well in mathematics. About 60% of the relevant material in electricity and magnetism was covered by the textbooks. For the other subfields, ratings (R1) were higher for schools with graduate programs in physics; this difference was more striking for modern and quantum physics. Many items from commonly used texts were not well represented on the GRE, but it could not be determined whether this is a real mismatch or the result of the random selection process. Five data tables and two figures present the study data. (SLD)