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Tom Is Going to Quit His Job to Pursue His

Question 14

Multiple Choice

Tom is going to quit his job to pursue his PhD in economics, which will take him 6 years to complete. He currently makes $55,000 per year as a high school teacher. While going to school, he will receive a stipend of $24,000 per year plus $6,000 per year to help cover food and rent. His living expenses are the same regardless of what he does. What is Tom's opportunity cost of pursuing his PhD?


A) $150,000
B) $180,000
C) $186,000
D) $330,000

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