Your Classmates from the University of Chicago Are Planning to Go

question 59

Multiple Choice

Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfares are $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most you would be willing to pay for the trip is $1400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister's graduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfares are $450. What is the opportunity cost of using the coupon for the Miami trip?

• A)$100
• B)$450
• C)$500
• D)$550

---

Definitions:

Formal Operational

The stage in Piaget's theory of cognitive development where individuals are able to think abstractly, logically, and systematically.

Preoperational

A stage in Jean Piaget's theory of cognitive development, where children from 2 to 7 years old develop memory and imagination, but do not yet think logically.

Nurture

The influence of external factors like environment, education, and social experiences on the development of an individual.

Nature Vs. Nurture

A debate concerning the relative importance of an individual's innate qualities (nature) versus personal experiences (nurture) in determining or causing differences in physical and behavioral traits.