Jake can complete an oil change in 45 minutes and he can write a poem in 90 minutes. Ming-la can complete an oil change in 30 minutes and she can write a poem in 90 minutes. Jake's opportunity cost of writing a poem is lower than Ming-la's opportunity cost of writing a poem. a. True b. False

a. True

Explanation:

Opportunity cost is the forfeited benefits as a result of choosing one activity over the other.  It is the foregone gain for not selecting a particular option. Opportunity cost is valued as the cost of the next best alternative.

Both Jake and Ming-la can both write a poem in 90 minutes. The opportunity cost of writing a poem for both is changing oil.  In 90 minutes, Jake can do two oil changes while Ming-la can do three.  Therefore Jake's opportunity cost for writing a poem is two oil changes while Ming-la is three changes. Ming-la is faster, hence forfeits more by writing a poem. Jake, therefore, has a lower opportunity cost.

match the scenarios with terms related to financial aid.

pell grant

student loan

merit-based scholarship

richard is one of the leading college basketball players in the state of florida. he also maintains a good academic record. looking at his talent and potential, furman university offers to bear the expenses for his college education.

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anita wants to pursue a certificate program in sports nutrition. to pay for the course, she borrows money by filing the fafsa.

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nathan comes from a low-income household. he wants to pursue an undergraduate degree in marketing. he receives financial aid covering 50 percent of his college expenses. nathan does not have to pay back this amount.

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