Some College Students Think That Because a College Degree Greatly

question 120

Multiple Choice

Some college students think that because a college degree greatly increases their earning potential there is no opportunity cost of attending college.How would an economist look at the matter?

• A)There is no opportunity cost, assuming that future earnings actually increase as expected.
• B)The opportunity cost is much less than it would appear, assuming that earnings increase.
• C)Opportunity cost is a meaningless concept in this situation.
• D)The college students are completely correct in all respects.
• E)There is still an opportunity cost, even if it is justified by higher future earnings.

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Definitions:

Preoperational

A stage in Piaget's theory of cognitive development, occurring from approximately age 2 to 7, characterized by symbolic thinking, egocentrism, and lack of logical reasoning.

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