12. The economizing problem is:

A. the need to make choices because economic wants exceed economic means.

B. how to distribute resources equally amongst all members of society.

C. that people's means often exceed their wants.

D. that people do not know how to rationally allocate resources.

36.The law of demand states that, other things equal:

A.price and quantity demanded are inversely related.

B.the larger the number of buyers in a market, the lower will be product price.

C.price and quantity demanded are directly related.

D.consumers will buy more of a product at high prices than at low prices.

41.If two goods are complements:

A.they are consumed independently.

B.an increase in the price of one will increase the demand for the other.

C.a decrease in the price of one will increase the demand for the other.

D.they are necessarily inferior goods.

42.Which of the following statements is correct?

A.An increase in the price of C will decrease the demand for complementary product D.

B.A decrease in income will decrease the demand for an inferior good.

C.An increase in income will reduce the demand for a normal good.

D.A decline in the price of X will increase the demand for substitute product Y