The opportunity cost of attending university is likely to include all except which of the following?

Q: Which of the following is an opportunity cost of attending college?

In short, the opportunity cost of going to college is the cost of tuition, any associated costs, and any income, experience, and pleasure you miss out on because you choose to attend college.

Q: What is the opportunity cost of attending school quizlet?

The opportunity cost of a person attending college is the value of the best alternative use of that persons time, as well as the additional costs the person incurs by making the choice to attend college.

Q: What is the opportunity cost of your education?

The second component is opportunity cost, which represents the value of what someone must give up in order to attend college. For most people, the opportunity cost of a college education is equivalent to the wages that could have been earned by working instead of going to school.

Q: How do you measure the opportunity cost of attending college?

Because you chose to go to college instead of working, your opportunity cost is actually the sum of your college expenses plus the money you could have earned had you chosen not to work.

Inhaltsverzeichnis Show

What’s the True Cost of Attendance? Know Before You Go
What does “cost of attendance” mean?
What does the cost of attendance include?
How do you calculate the cost of attendance?
Why is the cost of attendance important?
Will I pay the full cost of attendance?
Which of the following is an opportunity cost of attending college?
What is the opportunity cost of attending school quizlet?
What is the opportunity cost of your education?
How do you measure the opportunity cost of attending college?

What’s the True Cost of Attendance? Know Before You Go

It’s important to understand how much college will cost you both for the semester or year you’re planning to attend, and the total cost of the time it will take to earn your degree. Let’s break down the cost of attendance, what it is, what it includes, and how to estimate it at your college.

What does “cost of attendance” mean?

Cost of attendance (sometimes referred to as the “sticker price”) is the maximum amount of money a college costs to attend for one year.

What does the cost of attendance include?

Cost of attendance includes both direct costs and indirect expenses:

Direct costs are those paid directly to the college and include tuition and fees, housing, and meal plan.
Tuition is the amount you owe to attend college for classes and instruction. Some colleges may charge one set tuition rate while others may charge per credit hour.
Fees are additional charges to cover the costs of certain services, for example, technology or lab fees. It’s worth noting these types of fees will vary per college.
Housing is a charge from the college to live on campus. Different housing options on campus will cost different amounts depending on the amenities offered. Be sure to look up the different housing options at your college.
Meal plans are how you pay colleges to dine on campus. Colleges have different approaches to charging for meal plans, with some offering meal credits and others charging per food item. Check with your college to see what type of meal plans they offer and how they will impact the cost to you.
Institutional health insurance may be required depending on the college. If it’s required, it will be automatically billed to you and can cost several thousand dollars. If you have a comparable health insurance plan, you can submit proof of your plan to waive this charge from your bill.
Indirect expenses are educational costs not paid directly to the college. They can include textbooks, transportation, dorm furnishings, and other personal expenses.

How do you calculate the cost of attendance?

While colleges provide the cost of attendance, these costs often vary from student to student, so it’s important to understand how much college will cost for you. In addition to the direct costs like tuition and fees, you can often find estimates for indirect expenses on college websites. These amounts can vary widely based on many factors, including your academic year, how far you live from college, and your extracurricular activities. Start by looking at estimates provided by the college and then factor in your anticipated expenses. Although indirect expenses can be challenging to predict, you should do your best to estimate what those costs may be and budget accordingly.

Why is the cost of attendance important?

The cost of attendance is the maximum amount you would pay for one year of college before financial aid is applied. Understanding the cost of attendance can help you put your financial aid into perspective and prepare for out-of-pocket costs.

Will I pay the full cost of attendance?

No. Most students will not pay the full cost of attendance. While the cost of attendance is an important number to understand, make sure to factor in the financial aid you’re receiving. The cost after financial aid has been applied is the amount that you and your family will have to pay out of pocket to attend college. Check out this article for more information about covering the remaining bill.

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module 1

Question	Answer
Specialization:	can lead to an increase in overall production.
Philosophers draw a distinction between positive statements, which describe the world as it is, and ___________________s, which describe how the world should be.	normative statement
Why is there scarcity?	Because our unlimited wants exceed our limited resources
Scarcity implies that:	it is impossible to completely fulfill the unlimited human desire for goods and services with the limited resources available. consumers
Gomer decides to spend an hour playing basketball rather than studying. His opportunity cost is:	the benefit to his grades from studying for an hour
"If I didn't have class tonight, I would save the $4 campus parking fee and spend four hours at work where I earn $10 per hour." The opportunity cost of attending class this evening is:	$44
The opportunity cost of attending university is likely to include all except which of the following?	the cost of haircuts received during the school term
The opportunity cost of an action:	is a subjective valuation that can be determined only by the individual who chooses the action.
Most choices involve _________________, which involves comparing the benefits and costs of choosing a little more or a little less of a good.	marginal analysis
Marginal thinking is best demonstrated by:	Taking a lower paying job that is closer to home saving on travel time
The lesson of __________ is to forget about the money that’s irretrievably gone and instead to focus on the marginal costs and benefits of future options.	sunk costs
Philosophers use __________________ to describe the world as it is, which is not based on opinion	positive statements
Which of the following would most likely shift the production possibilities curve inward?	a decrease in the average number of hours worked per week as the labor force chooses to enjoy more leisure time
The choice on a production possibilities set that is socially preferred, will display _____________________.	allocative efficiency
Which looks at the economy as a whole. It focuses on broad issues such as growth of production, the number of unemployed people, the inflationary increase in prices, government deficits, and levels of exports and imports. Microeconomics and macroeconomics	macroeconomics
The idea behind opportunity cost is that the cost of one item is the lost opportunity to do or consume something else. In short, opportunity cost	is the value of the next best alternative
Consider the case of Selena, who pays $8 to see a movie, but after watching the film for 30 minutes, she knows that it is truly terrible. Should she stay and watch the rest of the movie because she paid for the ticket, or should she leave? The money she s	sunk cost
Just as individuals cannot have everything they want and must instead make choices, society as a whole cannot have everything it might want, either. Because society has limited resources (e.g., labor, land, capital, E.A.) at any point in time, there i	Production Possibilities
When a country can produce a good at a lower opportunity cost than another country, we say that this country has a ______________ in that good.	comparative advantage
What are taxes that governments place on imported goods for a variety of reasons	Tariffs
Which of the following is classified as new Capital?	Building a new factory
The limit to total production capacity in the economy is set by:	the quantity and quality of its productive resources
Opportunity costs exist because:	the decision to engage in one activity means forgoing some other activity.
Which of the following is a labor resource?	A computer programmer.
Which of the following is a capital resource?	A piece of software used by a firm.
Which of the following is not considered by economists to be an economic resource?	Money.
The greatest benefit to an economy from international trade is:	consumption beyond domestic production possibilities.
Joe sold gold coins for $1,000 that he bought a year ago for $1,000. He says, "At least I didn't lose any money on my financial investment." His economist friend points out that in effect he did lose money because he could have received a 3 percent return	opportunity costs.
A person should consume more of something when its marginal:	benefit exceeds its marginal cost.
Ben says that "an increase in the tax on beer will raise its price." Holly argues that "taxes should be increased on beer because college students drink too much." We can conclude that:	Holly's statement is normative, but Ben's is positive.
The four factors of production are:	land, labor, capital, and entrepreneurial ability.
Which of the following is a land resource?	Natural gas.
The production possibilities curve shows:	the various combinations of two goods that can be produced when society employs all of its scarce resources.
To society the "best" production level of a certain good is where, from society's point of view:	MB = MC
The advent of DVDs has virtually demolished the market for videocassettes. When people's preferences for videocassettes change it means after the change at the old production level the MB of videocassettes is now:	< MC so less production is needed
Which one of the following is considered brand new resources.	A student graduates from FSW as a nurse and enters the workforce
Which of the following is a Positive Statement	The unemployment in France is higher than in the US
Participating in a sport because you find the activity enjoyable is which kind of incentive	intrinsic

Which of the following is an opportunity cost of attending college?

In short, the opportunity cost of going to college is the cost of tuition, any associated costs, and any income, experience, and pleasure you miss out on because you choose to attend college.

What is the opportunity cost of attending school quizlet?

The opportunity cost of a person attending college is the value of the best alternative use of that person's time, as well as the additional costs the person incurs by making the choice to attend college.

What is the opportunity cost of your education?

The second component is opportunity cost, which represents the value of what someone must give up in order to attend college. For most people, the opportunity cost of a college education is equivalent to the wages that could have been earned by working instead of going to school.

How do you measure the opportunity cost of attending college?

Because you chose to go to college instead of working, your opportunity cost is actually the sum of your college expenses plus the money you could have earned had you chosen not to work.