What is the difference between the present value of $550 to be received after 3 years and after 5 years from now at an annual interest of 15 percent?

In the United States, there are a number of programs that provide goods and services, such as food, medical care, and housing, to the poor. How could income standards be changed, in light of these programs, to better reflect absolute poverty? a. The income standards should not change because these programs provide goods and services, not money. b. The income standards should be increased, since

it costs money to provide these goods and services. c. The income standards should be increased, because these programs will affect the relative measure of poverty. d. The income standards should be decreased, since program recipients require less income to meet a minimum standard of living.

Total economic surplus is represented by

A) The area below the demand curve and above the market equilibrium price. B) The area below the demand curve and above the supply curve. C) The area above the supply curve and below the market equilibrium price. D) None of the above.