Final answer:
Attending college during a recession is less costly because the opportunity cost of time is low for unemployed or underemployed individuals. Consumers worldwide increase spending on higher education during a recession due to the belief that it leads to increased earnings and prosperity.
Step-by-step explanation:
During a recession, it is less costly to attend college because the opportunity cost of your time is low if you are unemployed or underemployed. If you are not working or are working fewer hours, you don't have to give up work hours and income by going to college. This makes it a more affordable option during lean times.
Additionally, consumers worldwide tend to increase their spending on higher education during a recession. This is because both individuals and countries view higher education as a way to prosperity. Many believe that increased earnings are a significant benefit of attending college.