ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The money you miss out on because you school instead of working a job
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Anything you could buy with the money you paid for college
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An activity you could have spent your time doing instead of studying
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All of the above
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Detailed explanation-1: -Following are the opportunity costs for a student who decided to study college: Tuition fee cost-The amount to be paid to the college. Associated expenses-Along with tuition fees. Income Source-Amount of money you could have earned if you did not decide to study in college.
Detailed explanation-2: -Answer and Explanation: The direct opportunity costs of attending college include the cost of tuition and books. Additional opportunity costs, however, include money they you could have earned if you didn’t go to college because you are giving up that money by pursuing an education.
Detailed explanation-3: -What are some other examples of opportunity cost? A student spends three hours and $20 at the movies the night before an exam. The opportunity cost is time spent studying and that money to spend on something else.
Detailed explanation-4: -The tuition fee is not an opportunity cost. This is a sunk cost since it is already paid out and can not be recovered.
Detailed explanation-5: -Tuition & Fees. College tuition and fees are the greatest costs of attending college. Books & Supplies. Look into options for buying used books or renting books. Housing/Rent. Most schools offer various options of on-campus housing and dorm rooms. Food. Transportation. Entertainment. Other Expenses.