Calculate the Opportunity Cost of One Extra Year of College

question 52

Multiple Choice

Calculate the opportunity cost of one extra year of college if tuition,room and board fees,and spending money is $19,000,and the estimated salary upon graduation is $38,000.

• A) $57,000
• B) $19,000
• C) $38,000
• D) $29,000

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Definitions:

States

Distinct territorial and political entities within a federal system, each with its own government and a degree of autonomy.

Government-less State

A hypothetical or theoretical situation where society operates without a formal government, often associated with anarchism or extreme libertarian views.

Hobbes

Refers to Thomas Hobbes, a 17th-century English philosopher known for his work on political philosophy and his social contract theory, as outlined in his book "Leviathan."

Locke

Refers to John Locke, a 17th-century English philosopher known for his work in political philosophy, particularly regarding the development of liberalism.