The First Theorem of Welfare Economics Requires

question 53

Multiple Choice

The first theorem of welfare economics requires:

• A)continuous budget lines.
• B)the presence of externalities in consumption.
• C)smooth and convex indifference curves.
• D)the presence of two consumers with unambiguous preferences.

---

Definitions:

Undernourished

The condition of not having enough food or the right kinds of food necessary for good health and growth.

Anorexia Nervosa

An eating disorder characterized by an intense fear of gaining weight, leading to restricted food intake and excessive weight loss.

High Achieving

Describes individuals who consistently perform at a level significantly above the norm in their chosen activities or fields.

Competitive

Inclined or showing a tendency to be better than others in sports, business, or any area of performance.