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WAEC Economics 2017 Question 2

Question 2

Basic Concepts

The opportunity cost of a worker going to the university is

  1. A.tuition, fees and books.
  2. B.boarding and lodging.
  3. C.the wages given up to attend university.
  4. D.transportation and entertainment.
Show the answer and explanation

Answer: C (the wages given up to attend university.)

Explanation

The real cost of study is the income the worker gives up while studying.