In Year 1, Jerry Decided to Give Up a Job

question 25

Multiple Choice

In Year 1, Jerry decided to give up a job that paid an annual salary of $100,000 to go back to school. College tuition cost a total of $50,000 for one year. However, in Year 2, after graduation, Jerry got a job that paid $200,000. The opportunity cost of getting an education for Jerry is:

• A)$ 50,000
• B)$150,000
• C)$100,000
• D)none of the above

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Definitions:

Titled Property Rights

Legal documents or deeds indicating ownership of a particular property or land.

Kinship Ties

The relationships between individuals established through blood relations, marriage, or other familial connections.

Residence Seniority

The system or principle where entitlements, decision-making, or authority within a community or family is accorded based on the length of domicile or membership.

Pastoralism

A form of agriculture aimed at producing livestock, rather than growing crops, where keepers of herds, flocks, or herds move from location to location in search of pastures.