What Is a COLA

question 78

Multiple Choice

What is a COLA?

• A) A measure of the quality of living
• B) A consumer price adjustment
• C) An increase in wages to match consumer price increases
• D) Another name for a price index
• E) The brand name of a soft drink

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Definitions:

Labor Productivity

A measure of economic performance that indicates the amount of goods and services produced per unit of labor input.

Labor Supply Curve

A graphical representation showing the relationship between the quantity of labor supplied and the wage rate, typically illustrating that higher wages attract a larger labor supply.

Technological Change

Refers to the process of innovation and improvement in technology which leads to new products, services, or more efficient ways of doing things.

Demand Curve

A graph showing the relationship between the price of a good and the quantity of the good that consumers are willing to purchase at that price.