What is Cost of Living?
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What's a COLA?
An increase in pay or benefits offered by some employers and governments to offset the rising cost of living
Which of the following is the best explanation of cost of living?
General price level for things that a typical person purchases
What role does a price index play in cost of living?
It tells you how much prices have increased from a base year so that you can make COLA determinations
What are two criticisms often leveled against COLAs?
Taxes and changes in consumer behavior
Which expense is not likely to be included in a cost of living index?
Yacht
