I. Briefly explain what it means to say that one legal rule is more efficient than an alternative rule.
II. What reasons are there to expect common law legal rules to be efficient? To be inefficient?
III. What evidence is there for and against the claim that common law legal rules are efficient (answer briefly--two or three examples on each side are plenty).
IV. Give one example of an existing legal rule that is not efficient, and explain why it is not efficient. Give one example of an existing legal rule that is efficient, and explain why it is efficient.