All else equal, it is more likely for a case to be settled the ________ the defendant's assessment of the expected payment to the plaintiff and the ________ the total cost of litigation.
A) smaller; smaller
B) larger; smaller
C) larger; larger
D) smaller; larger
C) larger; larger
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During the 1920s, income inequality ______ and the return on schooling was relatively _____
a. increased; low b. increased; high c. decreased; low d. decreased; high
Define the following terms:
a. Human capital b. Investment c. Capital formation d. Property rights
Which of the following is most central to the understanding of the economic crisis of 2008?
a. the decline of the stock market in late 2007 b. the housing boom (2001-2005) and bust (2007-2008) c. the sharp rise in oil prices in 2008 d. unethical investment practices beginning in 2000
Which political philosophy focuses on the process of determining the distribution of income rather than on the outcome?
a. utilitarianism b. liberalism c. libertarianism d. welfarism