Suppose Your Expenses for This Term Are as Follows: Tuition

question 190

Multiple Choice

Suppose your expenses for this term are as follows: tuition: $28,000, room and board: $9,000, books and other educational supplies: $2,500.Further, during the term, you can only work part-time and earn $16,000 instead of your full-time salary of $42,000.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)$36,500
• B)$56,500
• C)$65,500
• D)$72,500

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Definitions:

Human Nature

The inherent characteristics, including ways of thinking, feeling, and acting, that all humans are believed to share.

Abstract Thoughts

The ability to think about objects, principles, and ideas that are not physically present.

Industrial Revolution

A period of major industrialization that took place during the late 1700s and early 1800s, leading to massive changes in technology, society, and the global economy.

Postindustrial Society

A stage of society's development when the economy transitions from a manufacturing-based economy to a service-based economy, emphasizing the significance of information and technology.