Suppose Your Expenses for This Term Are as Follows: Tuition

question 69

Multiple Choice

Suppose your expenses for this term are as follows: tuition: $12,000, room and board: $6,500, books and other educational supplies: $1,500.Further, during the term, you can only work part-time and earn $3,500 instead of your full-time salary of $14,000.What is the opportunity cost of going to college this term, assuming that your room and board expenses would be the same even if you did not go to college?

• A)$13,500
• B)$20,000
• C)$24,000
• D)$30,500

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Definitions:

Maturation

The process of becoming mature, which involves growth and developmental progress, often independent of external influence.

Mediation

A process where a neutral third party assists in resolving disputes between two or more parties.

Learning

The process through which experience or practice results in a relatively permanent change in behavior or potential behavior.

Conditioning

A process of behavior modification in which a subject comes to respond in a desired manner to a previously neutral stimulus, by associating it with a stimulus that elicits an automatic response.