The Opportunity Cost of Going to College

question 153

Multiple Choice

The opportunity cost of going to college

• A) is zero if your parents pay your tuition.
• B) is equal to the cost of tuition, room and board, and other expenses.
• C) includes wages you lose by going to school instead of working.
• D) is the same for all students at a particular school who pay full tuition.

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Definitions:

Aggregate Supply

The aggregate amount of products and services that suppliers in the economy can and are ready to provide across varying price points.

Macroeconomic Variables

Indicators or factors that reflect the overall health and performance of a country's economy, such as GDP, unemployment rates, and inflation.

Recession

A significant decline in economic activity spread across the economy, lasting more than a few months, typically visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.

Net Exports

The difference between a country's total value of exports and its total value of imports; a key component of a nation's GDP.