1. Problems and Applications Q1 College students sometimes work as summer interns for private firms or the government. Some of these positions pay little or nothing. What is the opportunity cost of taking such a job? The rent the student has to pay for summer housing The time the student spends commuting The wage the student could earn at another job True or False: One of the reasons students are willing to take these jobs is that summer internships can help students land a permanent job with a firm after the internship is over. True False Suppose you compare the lifetime earnings of workers who had worked as interns and those who had taken summer jobs that paid more. You would expect to find that students who were interns earn incomes later in life