Most Students Attending College Pay Tuition and Are Unable to Hold

question 105

Multiple Choice

Most students attending college pay tuition and are unable to hold a full-time job. For these students, tuition is

• A) part of the opportunity cost of going to college. So are their forgone earnings from not holding a full-time job.
• B) part of the opportunity cost of going to college. Their forgone earnings from not holding a full-time job are not part of the opportunity cost of attending college.
• C) not part of the opportunity cost of going to college, but their forgone earnings from not holding a full-time job are part of the opportunity cost of attending college.
• D) not part of the opportunity cost of going to college. Neither are their forgone earnings from not holding a full-time job.

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Definitions:

95th Percentile

A value below which 95% of the data points in a data set fall.

Mean

The arithmetic average of a set of values or quantities, calculated by dividing the total of all values by the number of values.

Standard Normal

A normal distribution with a mean of zero and a standard deviation of one, used as a basis for comparison with other normal distributions.

Random Variable

A variable that takes on different values randomly, each with a particular probability associated with it.