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


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