You Currently Work as a Machinist in a Factory

question 3

Multiple Choice

You currently work as a machinist in a factory. Your salary is $15 per hour. You are thinking about quitting your job and going back to college. It will take you two years to obtain your college degree. Tuition and other costs of the education will total $21,000. You spent $9,000 preparing to be a machinist. In considering whether to go back to school, the $9,000 of prior training is a(n) :

• A) Differential cost
• B) Sunk cost
• C) Variable cost
• D) Opportunity cost

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Definitions:

Third Variable

A factor, often unmeasured, that can be the true cause behind the observed relationship between two variables.

Correlational Method

Research in which two or more variables are measured and compared to determine to what extent, if any, they are associated.

Quasi-Experimental Design

A research strategy that attempts to estimate the causal impact of an intervention without random assignment to treatment or control groups.

Experimental Method

A study in which a researcher manipulates a variable, referred to as the independent variable, measures possible effects on another variable, referred to as the dependent variable, and tries to hold all other variables constant.