Questions: Which of the following is correct? Over a long time frame, stocks have performed better than long-term Treasury bonds. Average stock returns are not an indication of what an investor may earn in any one year. In some years, long-term Treasury bonds performed better than stocks. All of these choices are correct.

The answer is the last one: All of these choices are correct.

Explanation for each option:

1. Over a long time frame, stocks have performed better than long-term Treasury bonds.
   This statement is generally correct. Historically, stocks have provided higher returns compared to long-term Treasury bonds over extended periods. This is due to the higher risk associated with stocks, which typically results in higher returns to compensate investors for taking on that risk.

2. Average stock returns are not an indication of what an investor may earn in any one year.
   This statement is also correct. Average returns are calculated over a long period and do not reflect the volatility and variability of returns in any single year. Stock returns can fluctuate significantly from year to year, and past averages do not guarantee future performance.

3. In some years, long-term Treasury bonds performed better than stocks.
   This statement is correct as well. There have been years when long-term Treasury bonds have outperformed stocks, particularly during periods of economic downturns or market volatility when investors seek safer investments.

Since all the individual statements are correct, the option "All of these choices are correct" is the correct answer.