13. The total economic cost of formal education typically does not include a. expenditures for tuition, books, and fees. b. earnings forgone by choosing not to enter the labor force. c. expenditures for room and board. d. transportation expenses to and from college. 14. The primary indirect cost of going to college is a. earnings given up by not entering the labor market directly after high school. b. an enhanced future flow of earnings. c. the value of room and board that would have been provided at home. d. tuition expenses. 15. Consider an individual who will invest a total of $10,000 in direct and indirect costs for training in order to increase earnings by $12,500 for the next year. Suppose the interest rate is 8%. If this person plans to retire the following year, the net present value of this investment is closest to a. zero. b. $1,600 c. $2,500 d. $11,600