Asksia AI LOGO

Sia

Question
Statistics
Posted 3 months ago

All of the following are part of the opportunity costs of going to college EXCEPT

Choose 1 answer:
(A) The money spent on tuition
(B) Interest payments on student loans
(C) Money spent on textbooks
(D) Foregone wages given up to attend college
(E) Money spent on clothes
Sign in to unlock the answer
Answer from Sia
Posted 3 months ago
Solution by Steps
step 1
Identify the components of opportunity cost for attending college. Opportunity cost includes all costs associated with the next best alternative forgone when making a decision
step 2
Analyze each option to determine which one is not a cost of the next best alternative forgone. (A) The money spent on tuition, (B) Interest payments on student loans, (C) Money spent on textbooks, and (D) Foregone wages given up to attend college are all costs that would not be incurred if the individual chose not to attend college
step 3
Determine which option is a cost that would likely be incurred regardless of the decision to attend college
Answer
E
Key Concept
Opportunity Cost
Explanation
Opportunity cost includes all costs associated with the next best alternative forgone, not costs that would be incurred regardless of the decision. Money spent on clothes is a cost that would likely be incurred regardless of attending college, hence it is not part of the opportunity cost of going to college.

Not the question you are looking for? Ask here!

Enter question by text

Enter question by image

Upgrade to Asksia Pro

Join a AskSia's Pro Plan, and get 24/7 AI tutoring for your reviews, assignments, quizzes and exam preps.

Unlimited chat query usages
Strong algorithms that better know you
Early access to new release features
Study Other Question