The Opportunity Cost of Going to College or University for Four

question 41

Multiple Choice

The opportunity cost of going to college or university for four years is

• A)zero.
• B)equal to the wage rate a person will earn after graduation.
• C)the cost of tuition and books and four years of lost wages from employment.
• D)the cost of tuition, residence fees and books.
• E)the least valued alternative one forfeits to attend.

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Definitions:

Health, Safety

pertains to the regulations, procedures, and practices that protect the wellbeing of individuals, particularly in the workplace or public environments.

Technical Standards

Established norms or requirements in regards to technical systems and their components, such as quality, safety, and interoperability standards to ensure compatibility and efficiency.

Import Quota

A government-imposed limit on the quantity of a certain good that can be imported into the country.

Tariff

A tax imposed on imported goods and services, aimed at making foreign products more expensive and protecting the domestic industry.