Learning Path
Question & Answer1
Understand Question2
Review Options3
Learn Explanation4
Explore TopicChoose the Best Answer
A
The tuition fees paid for college
B
The salary foregone from not working
C
The experience gained in college
D
The cost of textbooks
Understanding the Answer
Let's break down why this is correct
Answer
Opportunity cost is what you give up when you make a choice. If you choose to attend college instead of working full-time for a year, the opportunity cost includes the money you could have earned from a job, as well as the experience and skills you would have gained by working. For example, if a full-time job would pay you $30,000 for the year, that money is part of your opportunity cost. You also miss out on the chance to start your career early, which could lead to promotions or raises. So, while college can provide valuable education, you must consider what you are giving up by not working.
Detailed Explanation
The opportunity cost is what you give up when you make a choice. Other options are incorrect because Some might think the tuition fees are the main cost; Gaining experience in college is valuable, but it doesn't count as a cost.
Key Concepts
trade-offs
Topic
Understanding Opportunity Costs
Difficulty
easy level question
Cognitive Level
understand
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