Tom Is Going to Quit His Job to Pursue His

question 90

Multiple Choice

Tom is going to quit his job to pursue his PhD in economics, which will take him 6 years to complete. He currently makes $55,000 per year as a high school teacher. While going to school, he will receive a stipend of $24,000 per year plus $6,000 per year to help cover food and rent. His living expenses are the same regardless of what he does. What is Tom's opportunity cost of pursuing his PhD?

• A)$150,000
• B)$180,000
• C)$186,000
• D)$330,000

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Definitions:

Fixed Time Interval

In operant conditioning, a reinforcement schedule where a response is rewarded only after a specified amount of time has elapsed.

Variable Time Interval

A schedule in operant conditioning where reinforcement is provided after varying intervals of time.

Variable Ratio Schedule

A reinforcement schedule in operant conditioning where a response is rewarded after an unpredictable number of responses.

Fixed Ratio Schedule

A reinforcement schedule in behavioral psychology where a response is reinforced only after a specified number of responses.