The Opportunity Cost of Attending University for a Year Is

question 1

Multiple Choice

The opportunity cost of attending university for a year is measured by:

• A)the tuition fees incurred.
• B)the size of the student loan the student becomes responsible for.
• C)the sum of all expenditures on rent, food, books, and tuition incurred during the school year.
• D)the value of the best opportunity or opportunities foregone in order to enroll for the year.
• E)the sum of expenditures on tuition and hostel fees.

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Definitions:

Supply Curve

A graphical representation used in economics to show the relationship between the price of a good or service and the quantity of it that producers are willing to supply.

Government's Revenue

The money received by a government from taxes and non-tax sources to enable it to undertake government expenditures.

Efficiency Loss

Refers to the loss of economic efficiency when the optimal allocation of resources is not achieved, often due to market failures or distortions.

Demand Curve

A chart that displays how the cost of a product affects the amount consumers want to buy, usually showing a decline from left to right.