Final answer:
Material costs are considered a part of an engineering economy study, which takes into account both fixed and variable costs associated with engineering projects, making the statement true.
Step-by-step explanation:
Material costs are indeed an example of costs that are typically included in an engineering economy study. This is correct because engineering economy studies aim to analyze all relevant costs and benefits associated with engineering projects, which include both fixed and variable costs. While fixed costs, such as rent on a factory, do not change regardless of the level of production, variable costs include aspects like material costs which vary directly with the level of production. As engineers design and assess different projects or products, they must consider how material costs will influence the overall economy of the project. This includes estimating costs for materials during the design process and factoring in the costs of fabrication, manufacturing, operation, and maintenance. These costs are essential for making informed decisions on the feasibility and competitiveness of engineering solutions.