WAEC 2017 Economics · Question 35
the opportunity cost of a worker going to the university is
Options
- A.tuition, fees and books
- B.boarding and lodging
- C.the wages given up to attend the university
- D.transportation and entertainment
Answer: C. the wages given up to attend the university
Explanation written with AI and checked against the answer key
Step 1: Analyze the question The question asks for the opportunity cost of a worker going to university. A worker is already earning income, so we need to identify what they give up by choosing to study.
Step 2: The concept Opportunity cost is the value of the next best alternative forgone when a choice is made. It is not always money actually spent. It is the benefit you give up.
Step 3: Apply it
- A. Tuition, fees and books: These are actual (explicit) monetary costs, not the next best alternative forgone.
- B. Boarding and lodging: The worker would need housing whether or not they attend university, so this is not a true opportunity cost.
- C. The wages given up to attend the university: If the worker attends university, they cannot work (at least full-time) and so lose their wages. This is the best alternative forgone.
- D. Transportation and entertainment: These are ordinary living expenses, not the alternative given up.
Step 4: Answer The opportunity cost is the wages the worker gives up to attend the university.
Tip: When you see "opportunity cost," ask: "What did I have to give up?" rather than "What did I pay for?" For a worker, the income they sacrifice is usually the key idea.
AI can make mistakes. Report anything that looks wrong.
Past questions © the examination body (JAMB/WAEC/NECO). DeeepSolve is not affiliated with them. Rights holders: see /copyright.
