WAEC 2017 Economics · Question 35

the opportunity cost of a worker going to the university  is

Options

  1. A.tuition, fees and books
  2. B.boarding and lodging
  3. C.the wages given up to attend the university
  4. 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.

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