A cost of living adjustment (COLA)
a. changes wages by the same percentage every year.
b. decreases wages by the inflation rate.
c. increases wages by the inflation rate.
d. changes prices of consumer goods by the inflation rate.
c. increases wages by the inflation rate.
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A student at New York University used to take the Redhound bus when she visited her grandmother in Boston
After graduating, although the bus fare and the plane fare were the same as they were when she was a student, with a well-paid job on Wall Street she now takes the plane to Boston to visit her grandmother. For this student, travel by Redhound bus is A) a normal good. B) an inferior good. C) a substitute good. D) a complement good. E) a good with negative preferences.
The demand schedule for a good shows:
a. the specific quantity of the good that people are willing and able to sell at different prices. b. the positive relationship between the price and the quantity of the good. c. no relationship between the price and the quantity of the good. d. the specific quantity of the good that people are willing and able to buy at different prices. e. the quantity of the good that is sold in the market.
Private goods are not excludable
a. True b. False Indicate whether the statement is true or false
As a proportion of domestic output, taxes in the United States:
A. are lower than in most other industrially advanced countries. B. are higher than in most other industrially advanced countries. C. are approximately the same as in most other industrially advanced countries. D. doubled in the 1990s.