We discussed how the opportunity cost of sending children to school affects the level of school enrollment

Question:

We discussed how the of sending children to school affects the level of school enrollment across countries. The United Nations Human Development Report 1010 reports the following data for per capita income in 2010 (in the equivalent of 2008 U.S. dollars):
Canada …………………… 39,035
Denmark…………………… 35,736
Greece…………………… 28,608
Lesotho…………………… 1,605
Ethiopia…………………… 991
a. Which country would you expect to have the highest school enrollment rate? The lowest rate?
b. Discuss what other factors besides GDP per capita a family might consider when applying the Cost-Benefit Principle to the decision of whether or not to send a child to school.
Opportunity Cost
Opportunity cost is the profit lost when one alternative is selected over another. The Opportunity Cost refers to the expected returns from the second best alternative use of resources that are foregone due to the scarcity of resources such as land,...