Suppose Your Expenses for This Term Are as Follows: Tuition

question 180

Multiple Choice

Suppose your expenses for this term are as follows: tuition: $9,000,room and board: $1,500,books and other educational supplies: $1,000.Further,during the term,you can only work part-time and earn $3,000 instead of your full-time salary of $8,000.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)$10,000
• B)$13,000
• C)$15,000
• D)$18,000

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Definitions:

Standard Error

The standard deviation of the sampling distribution of a statistic, often used to estimate the accuracy of a sample mean.

Population Standard Deviation

A measure of the dispersion or variability within a full population, indicating how much individual points differ from the population mean.

Sample Size

The number of individual observations or data points collected and included in a sample from a population for analysis.

Effect Size

A quantitative measure of the magnitude of a phenomenon or the strength of the relationship between variables in statistical analysis.