When we say most Americans are in the 15-percent tax bracket, we mean federal taxes are about 15 percent of the income of most Americans.

The concept of elasticity is used to

a. indicate the economy's ability to rebound from a recession b. measure the robustness of a variable c. measure the sensitivity of one variable to changes in another d. measure price changes e. measure income changes

Compensating differentials for employees can be seen as one measure of adjusting for:

A. corporate tax evasion. B. surplus labor in the unorganized sector. C. high rates of inflation. D. problems of ethical conflict.