he opportunity cost of going to college isGroup of answer choicesthe total spent on food, clothing, books, transportation, tuition, lodging, and other expenses.the value of the best opportunity a student gives up when going to collegezero for students who are fortunate enough to have all of their college expenses paid by someone else.zero, since a college education will allow a student to earn a larger income after graduation. Flag question: Question 21Question 21Tips3 ptsConsider Mandy’s decision to go to college. If she goes to college, she will spend $20,000 on tuition, $10,000 on room and board, and $2,000 on books. If she does not go to college, she will earn $18,000 working in a store and spend $8,000 on room and board. Mandy’s cost of going to college isGroup of answer choices$32,000.$42,000.$50,000.$58,000.

The opportunity cost of going to college isGroup of answer choicesThe total spent on food, clothing, books, transportation, tuition, lodging, and other expenses.The value of the best opportunity a student gives up for going to college.Zero for students who are fortunate enough to have all of their college expenses paid by someone else.Zero, since a college education will allow a student to earn a larger income after graduation.

Suppose your expenses for this term are as follows: tuition: $12,000, room and board: $6,500, books and other educational supplies: $1,500. Further, during the term, you can only work part-time and earn $3,500 instead of your full-time salary of $14,000. What is the opportunity cost of going to college this term, assuming that your room and board expenses would be the same even if you did not go to college?Group of answer choices$13,500$20,000$24,000$30,500

After graduating from high school, Maria chose to go to college, while Omar chose to work full- time. Which of the following best describes the opportunity costs for these decisions? aMaria’s opportunity cost includes the salary she could have earned if she had gone to work. bMaria’s opportunity cost is her living expenses while attending college. cOmar’s opportunity cost is the salary he will earn from working. dOmar’s opportunity cost is the tuition and expenses he would have paid for college. eOmar’s opportunity cost is definitely greater than Maria’s.

Elina is contemplating doing a degree. If she does she will incur university fees of $20,000 in her first year and have to spend $5,000 on textbooks and university supplies, expenses that she would not have otherwise incurred. To come to university Elina will also have to give up her job in a local brewery from which she earns $35,000 a year. What is the opportunity cost of Elina attending university for a year?

Assuming that costs continue to increase at an average rate of 4% per year, tuition and other costs for one year for this student in 18 years when she enters university will be closest to: a) $12,500 b) $21,500 c) $320,568 d) $25,323 e) None of the above Assuming that 1. University costs continue to increase at an average rate of 4% per year, 2. All annual costs are due at the start of the year, and 3. All her university savings are invested in an account paying 7% interest per year, then the amount of money she will need to have available at age 18 to pay for all three (3) years of her undergraduate education is closest to: A) $73,858 B) $79,047 C) $21,852 D) $113,512 E) None of the above