(23) The first fundamental theorem of welfare economics states that

a)None of the below

b)a competitive equilibrium is always Pareto-optimal.

c)under certain conditions, a Pareto optimum is a competitive equilibrium.

d)a Pareto optimum is always a competitive equilibrium.

(24) To calculate the change in chain-weighted real GDP from one year to the next, we use

a)the percentage change in prices from the first year to the second.

b)average prices over the two years.

c)base-year prices.

d)first-year prices.

(25) Forecasting real GDP is

a)easy in the short term, but hard in the long term.

b)easiest in terms of predicting turning points.

c)done as well by the average person as by economic forecasters

d)easy in the long term, but hard in the short term.