You Have Made the Decision to Attend Summer School, Which

question 69

Multiple Choice

You have made the decision to attend summer school, which prevents you from working at your usual summer job for which you normally earn $6,000 for the summer. Your tuition cost is $3,000 and books and supplies cost $1,300. In terms of dollars, the opportunity cost of attending summer school is

• A) $6,000.
• B) $3,300.
• C) $4,300.
• D) $10,300.

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Definitions:

Net Domestic Product

The total value of all goods and services produced within a country in a specific period, minus depreciation.

Depreciation

The process of allocating the cost of a tangible asset over its useful life, reflecting a decrease in its value over time.

Consumption

The use of goods and services by households, which is a primary component of GDP and a key indicator of the economic health of a society.

Gross Domestic Product

The total value of all goods and services produced within a country's borders during a specific time period, used as a broad indicator of economic health.