In an Attempt to Boost Enrollment, in January, 1996, a Private

question 130

Multiple Choice

In an attempt to boost enrollment, in January, 1996, a private college in Iowa offered free tuition for graduating high school seniors from the county where it is located.For students who accepted the offer, how did this offer affect the opportunity cost of attending college?

• A)The opportunity cost did not change, since lost earnings were still a factor.
• B)The opportunity cost became zero for the typical student.
• C)The opportunity cost was very low, because the only cost was for books and supplies.
• D)The opportunity cost did not change, since tuition was not a factor in computing opportunity cost.
• E)The opportunity cost was lower than if tuition was charged, but there was still a cost.

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Definitions:

Overtime Hours

Time worked by employees beyond their regular working hours, typically compensated at a higher pay rate.

Billable Hours

The amount of time spent on a client's work that can be charged to them, typically used in law firms and consulting firms.

Continuing Education

Educational programs designed for adults to enhance their skills, knowledge, and qualifications, often for career advancement or personal enrichment.

Large Law Firm

A legal organization that employs a significant number of attorneys, offering a wide array of legal services and expertise.