Most Students Attending College Pay Tuition and Are Unable to Hold

question 105

Multiple Choice

Most students attending college pay tuition and are unable to hold a full-time job. For these students, tuition is

• A) part of the opportunity cost of going to college. So are their forgone earnings from not holding a full-time job.
• B) part of the opportunity cost of going to college. Their forgone earnings from not holding a full-time job are not part of the opportunity cost of attending college.
• C) not part of the opportunity cost of going to college, but their forgone earnings from not holding a full-time job are part of the opportunity cost of attending college.
• D) not part of the opportunity cost of going to college. Neither are their forgone earnings from not holding a full-time job.

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Definitions:

Standard Costs

Predetermined costs assigned to goods and services, used as benchmarks for measuring performance and preparing budgets.

Actual Costs

The real expenses that a company incurs in producing goods or services.

Standard Costs

Predetermined costs assigned to goods and services, used as a benchmark for evaluating actual production costs.

Efficiency

The degree to which a process uses resources optimally to achieve a desired outcome.