If Ct denotes consumption, It denotes investment, and Yt is output, the resource constraint in the Solow model is: Group of answer choices

Answers

Answer 1

Answer: Yt = Ct + It

Explanation:

If Ct denotes consumption, It denotes investment, and Yt is output, the resource constraint in the Solow model is Yt = Ct + It.

The Solow model believes that when there is a sustained increase in the capital investment, there is a temporary rise in growth rate. It should be noted that savings equals investment and also income is the addition of consumption and savings. Therefore,

Yt = Income

Ct = Consumption

It = Investment = Savings

Therefore, Yt = Ct + It


Related Questions

has excess cash of​ $15,000 at the end of the harvesting season. will need this cash in four months for normal operations. Requirements 1. What are some reasons why may choose to invest in debt or equity​ securities? 2. What type of classification would ​'s investment fall within​short-term or​ long-term? Why? Requirement 1. What are some reasons why may choose to invest in debt or equity​ securities?

Answers

Answer:

1)

Some of the major reasons why Garden Haven might to choose to either  invest in debt or equity securities are as follows;

They want to generate earnings. It is better to earn money from excess cash than keep it idle. They invest in debt or securities because they provide liquidity. Investments in debt or securities can be sold through exchange the day decision is taken to see and convert it cash .To meet cyclical cash needs. They may have policies as regard to quantum of cash that can be kept .

2)

In terms of classification, Garden Haven's investment falls in short term investments.

Investments made for a period less than a year are classified as short term investments. Investments made for longer than one year are classified as long term investments. Since Garden Haven is making this investment for four months, this is be classified as short term investment.

On January 2, 20X4, West Co. issued 9% bonds in the amount of $500,000, which mature on January 2, 20X24. The bonds were issued for $469,500 to yield 10%. Interest is payable annually on December 31. West uses the interest method of amortizing bond discount. In its June 30, 20X4, balance sheet, what amount should West report as bonds payable?

Answers

Answer:

$470,475

Explanation:

We first calculate interest for 6 months

= 0.09 x 6/12

= 4.5%

Yield for 6 months

= 10% *6/12

= 5%

Interest at 4.5%

= 500000 x 4.5%

= 22500

Interest at 5%

= 469500 x 5%

= 23475

Amortization

= Interest expense - interest payment

= 23475 - 22500

= 975

Issue price of bond + amortization

= 469500 + 975

= $470,475

Effective communication occurs when: Group of answer choices information is transmitted and understood between two or more people. the sender convinces the receiver to accept the information sent. information is collected from various sources but sent to a limited audience. the sender transmits information that is received by someone other than the intended receiver. information is sent through informal rather than formal channels.

Answers

Answer:

information is transmitted and understood between two or more people.

Explanation:

The essence of every communication is to pass an information across. Information can then be said to be successful, if both the receiver and the sender understood each other.

For example, a sender telling someone to pay off his debt before the next 7 days. It would be an effective communication if the reciever of such information clears his or her debt before the allocated time frame.

If taxes are levied specifically for payment of interest and principal on long-term debt, those taxes are:

Answers

Answer:

Recognized as revenues in the debt service fund.

Explanation:

Debt Service fund is a term that is used to describes a form of cash reserve utilized in the payment of interest and principal on specific kinds of debt for a given period. For example, bond premiums are commonly imposed by state law to be moved to debt service funds.

Hence, If taxes are levied specifically for payment of interest and principal on long-term debt, those taxes are: Recognized as revenues in the debt service fund.

After firm A acquired firm B, it raised the prices for the goods produced by both firms. This can increase profits if those goods are

Answers

Answer: substitute

Explanation:

After firm A acquired firm B, it raised the prices for the goods produced by both firms. This can increase profits if those goods are substitutes.

Substitute goods are the goods that serve thesame functions and one can be used to replace the other one. Since both goods produced are substitutes, that means when there's price increase, even though consumers shift from one good to another, there's still rise in price which will increase profits

Assume that a customer has an established margin account with no special memorandum account, and the account is restricted. With the Regulation T requirement at 50%, the purchase of $10,000 worth of stock would generate a Regulation T call of

Answers

Answer: $5000

Explanation:

Given that customer has an established margin account with no special memorandum account, and the account is restricted. With the Regulation T requirement at 50%, the purchase of $10,000 worth of stock would generate a Regulation T call of :

Margin requirement = 50%

Worth of stock = $10,000

The regulation T- call which will be generated is a deposit of the full margin requirement of the purchase.

Since margin requirement = 50% and worth of stock = $10,000

Regulation T-call = 50% of $10,000

0.5 × $10,000 = $5,000

Hence, regulation T- call is $5,000

A firm is operating in the United States with only two other competitors in the industry. a. It is likely this industry would be characterized as:

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Answer: Oligopoly

Explanation:

In an Oligopolistic industry, the market is populated by few producers who control the market.

Oligopolistic industries have high barriers to entry because they usually benefit from economies of scale and so will require a huge cash outlay which still would not guarantee success as the other firms already have a firm grasp on the market.

If an industry has only 3 competitors as the one in the question, it is most likely an Oligopoly.

During October, Kreitner Inc. transferred $73,000 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $76,000. The journal entries to record these transactions would include a:

Answers

Pleaze you Omitted options which i thin should be

credit to work in process of $73,000  

debit to finished goods of 76,000

credit to finished goods of $73,000

credit to cost of goods sold of $76,000

Answer: credit to work in process of $73,000  

Explanation:

Journal to record transfer of$73,000  from Work in Process to Finished Goods

Account title                         Debit                  Credit

Finished goods                 $73,000

Work in Process                                                  $73,000  

Journal to record cost of goods sold from finished goods

Account title                         Debit                  Credit

Cost of goods sold              $76,000.

Finished goods                                               $76,000

On January ​1, 2018​, Wallace​, Inc. decides to invest in 7,200 shares of Dressage stock when the stock is selling for $ 20 per share. On June ​1, 2018​, Dressage paid a $ 1.00 per share cash dividend to stockholders. On December​ 31, 2018​, Dressage reports net income of $ 80,000 for 2018. Assume Dressage has 18,000 shares of voting stock outstanding during 2018 and Wallace has significant influence over Dressage.
1. Identify what type of investment the Dressage stock is for Wallace.
2. Journalize the transactions related to Wallace's investment in the Dressage stock during 2018.
3. In what category and at what value would Wallace's report the investment on the December​ 31, 2018​, balance​ sheet?
REQUIREMENT 1:
Wallace​'s investment would be ________ investment.
a. a controlling interest
b. a held-to-maturity
c. a no significant influence
d. a significant influence
e. an available-for-sale
REQUIREMENT 2:
1) January ​1:Wallace Inc. decides to invest in 7,200 shares of Dressage stock when the stock is selling for $20 per share.
Debit Credit
2) June ​1: Dressage paid a $1.00 per share cash dividend to stockholders
Debit Credit
3) December​ 31: Dressage reports net income of $80,000 for 2018.
Debit Credit
REQUIREMENT 3:
In what category and at what value would Wallace​'s report the investment on the December​ 31, 2018 balance​ sheet?
Wallace would report a ___________ ( long term assets, long term liability, short term asset, short term liability) of $ _____________on the December 31 2018 balance sheet

Answers

Answer:

REQUIREMENT 1:

Wallace​'s investment would be ________ investment.

d. a significant influence

Wallace owns 40% of Dressage's stocks.

REQUIREMENT 2:

1) January ​1:Wallace Inc. decides to invest in 7,200 shares of Dressage stock when the stock is selling for $20 per share.

Dr Investment in Dressage, Inc. 144,000

    Cr Cash 144,000

2) June ​1: Dressage paid a $1.00 per share cash dividend to stockholders

Dr Cash 7,200

    Cr Investment in Dressage, Inc. 7,200

3) December​ 31: Dressage reports net income of $80,000 for 2018.

Dr Investment in Dressage, Inc. 32,000

    Cr Investment revenue 32,000

REQUIREMENT 3:

In what category and at what value would Wallace​'s report the investment on the December​ 31, 2018 balance​ sheet?

Wallace would report a LONG TERM ASSET of $168,800 on the December 31 2018 balance sheet

Recent decades have seen a trend toward globalization, which means that buying and selling in markets have crossed national borders to an increasing extent. List three reasons and briefly describe their effect contributing toward globalization. Provide examples and explain your answer.

Answers

Answer:

The answer is below

Explanation:

Three reasons and their effect contributing towards Globalizations are:

1. Growths in shipping and air cargo: with the advancement in the industry of air and sea transportation, the cost of moving goods around has reduced, leading to more transnational and transcontinental transactions. For example, Many plane flights can move either goods or people from anywhere in the world to another place without fear of getting lost or accident, likewise in the shipping operation.

2. Inventions and advancements in computing and telecommunications: this has brought various and tremendous means of sending products and services across the globe, with high efficiency, low cost, and effectiveness. For example, the presence of trading websites like amazon, or product delivery firms like DHL, FedEx, etc.

3. Information as product and services in recent times: with several goods and services taking the form of information, such as e-books, music, travel plans, financial advice, etc which can easily be sent at the tip of a finger to any of part of the world, has made globalization to increase. For example, selling merchandise on websites like Amazon, downloads from the movie website. etc

Delta Insurers typically affirms or denies claims within 120 days after it receives proof of loss statements. Which statement is correct?

Answers

Answer:

Statement A

Explanation:

The 2 statements are:

A: The firm Delta Insurers typically affirms claims within 120 days after it receives proof of loss statements

B: The firm Delta Insurers typically denies claims within 120 days after it receives proof of loss statements

The explanation for this is:

- The company is an insurance company

- An insurance company holds funds for their customers; to be released when the customer is less privileged or in a bad situation, depending on the type of insurance made

- There is car insurance, house insurance, life assurance, etcetera.

- So if the insurance company receives proof of loss statements from the customer, it will release funds to solve the customer's dire need

- In this case, it takes 120 days to verify, process and then agree (affirm) to release funds (claims) to the affected customer.

So the answer is Statement A.

Sherwin-Williams' Dutch Boy paint has packaging that is getting rave reviews.The new Twist & Pour paint is packaged in an all-plastic gallon container with an easy twist-off lid,comfortable side handle,and even a pouring spout.There's no other paint product like it on the market.This innovative packaging was most likely designed for which of the following functions?a. To facilitate product use and convenienceb. To contain and protect the productc. To reduce environmental damaged. To facilitate recyclinge. To promote the product

Answers

Answer:

to facilitate product use and conveinience

Marionette receives an offer to produce dolls for a special event. This is a onetime opportunity during a period when the company has excess capacity. What is the minimum sales price the company should accept for the%E2%80%8B order?

Answers

Answer: $23

Explanation:

The minimum sales price should be the one that covers Marionette's costs. As the fixed costs remain the same because the excess capacity is being used and thus have already been covered, the relevant costs would be the variable costs;

= Variable manufacturing costs + Variable selling and administrative costs

= 20 + 3

= $23 per unit.

A company has total fixed costs of $220000 and a contribution margin ratio of 20%. The total sales necessary to break even are

Answers

Answer:

The total.sales necessary are $50,000

Explanation:

Managers have a multiplier effect in organizations which means that

Answers

Answer:

Explanation:

Managers having multiplier effects in organizations means that the influence of the managers on the organization is multiplied for far past the results of just one person.

Just like the meaning of the word multiplier, to increase by a factor. To multiply. Managers have influence over more than one person. Which is why they're called managers in the first place. The ability to have influence over more than one person in an organization is termed the multiplier effect

which one of Porter's generic strategies is achieved by constructing efficient, large-scale facilities

Answers

Answer: Overall Cost Leadership

Explanation:

Porter posited that one way a company can attain a competitive advantage in an industry is by overall cost leadership.

This means that the company needs to be able to produce goods and services in a cheaper and more efficient way than its competitors because then it can sell its products for cheaper prices and capture more market share.

One way of achieving cost leadership is by constructing efficient, large-scale facilities that will enable the company to take advantage of economies of scale and achieve less costs per unit.

In the early 1950s, in which currency were Magnum Corporation's business activities carried out?

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Answer:

In the early 1950s, the currency that Magnum Corporation carried out its business activities was the US Dollar.

Explanation:

The company has since expanded its operations worldwide.  Magnum Corporate was a US-headquartered corporation.  Its business model was founded on the production and sale of rearview mirrors, according to history.  These days, many of its business activities are conducted across the globe.  These also require interaction with other countries' currencies and the translation of its financial performances by the use of foreign exchanges.

The asset, equipment, used by a department accounted for by the General Fund of a governmental unit should be reported in the:

Answers

Answer:

Government-wide statements.

Explanation:

What is the government wide statements?

This is a summary and well detailed statement of the main or major government funds, their expenditures/ how much have been spent and also the amount of money that the government has left. It shows the government's financial activities, all in one place.

Therefore from the question, the asset and equipment has to be reported in the government wide statement.

Using the information provided, construct a monthly cash budget for October through December 2014. Based on your analysis, will Noble enjoy a surfeit of cash, or require external financing?
Sales (20 percent for cash, the rest on 30-day credit terms):
2014 Actual 2014 Projected
July August September October November
76,000 88,000 266,000 125,000 51,000
Purchases (all on 60-day terms):
2014 Actual 2014 Projected
July August September October November
116,000 122,000 257,000 62,000 27,000
Salaries payable monthly 20,000
Principal payment on debt due in December 25,700
Interest due in December 9,000
Dividend payable in December 15,000
Taxes payable in November 19,000
Addition to accumulated depreciation in December4,000
Cash balance on October 1, 2014 34,000
Minimum desired cash balance 15,000

Answers

Answer:

Noble

Monthly Cash Budget for the months of October through December 2014:

                                                           October     November      December

Cash balance on October 1, 2014   $34,000      $129,800      ($56,000)

Total cash received                          237,800        110,200          40,800

Total cash available                        $271,800    $240,000       ($15,200)

Cash payments:  

Cash payment for purchases          122,000      257,000          62,000

Salaries                                              20,000        20,000           20,000

Principal payment                                                                         25,700

Interest                                                                                            9,000

Dividend                                                                                        15,000

Taxes                                                                      19,000

Total cash payments                    $142,000    $296,000        $131,700

Cash Balance                               $129,800      ($56,000)    ($146,900)

Minimum desired cash balance 15,000

Explanation:

a) Data and Calculations:

1. Sales:

Cash Sales = 20% of Sales

Sales on account = 80%

Credit terms = n/30

                                  2014 Actual                            2014 Projected

                           July       August  September  October   November   Dec.

Sales:              76,000   88,000    266,000       125,000     51,000

Cash Sales                                       53,200        25,000     10,200

Cash received on account                                 212,800   100,000   40,800

Total cash received                                         $237,800  $110,200 $40,800

2. Purchases (all on 60-day terms):

                           2014 Actual                            2014 Projected

                         July      August   September   October   November   Dec.

Purchases      116,000  122,000   257,000      62,000      27,000

Cash payment                                116,000     122,000    257,000   62,000

3. Other information:

Salaries payable monthly 20,000

Principal payment on debt due in December 25,700

Interest due in December 9,000

Dividend payable in December 15,000

Taxes payable in November 19,000

Addition to accumulated depreciation in December 4,000

Cash balance on October 1, 2014 34,000

Minimum desired cash balance 15,000

b) Noble will enjoy cash surfeit in October only.  In November and December, it will be in some serious deficits that require external financing to keep the business afloat.  If cash requirement through some external financing is not satisfied in November and December, Noble will not be able to meet with its maturing debt obligations.

An unincorporated association of two or more persons to pursue a business for profit as co-owners is a:

Answers

Answer:

Partnership

Explanation:

A partnership is a business organization in which two to twenty people agree legally to set up and manage a business outfit with the sole aim of making profit. It is usually formed by an association of two to twenty persons, who by an agreement (usually legal) decide to pool their resources (capital) or skill together and establish a business enterprise. The people involved in partnership are called partners and they share the profit, losses and risk of the business

he following CVP income statements are available for Blanc Company and Noir Company. Blanc Company Noir Company Sales $485,000 $485,000 Variable costs 291,000 242,500 Contribution margin 194,000 242,500 Fixed costs 186,240 234,740 Net income $7,760 $7,760 (a1) Calculate Contribution margin ratio. (Round answers to 2 decimal places, e.g. 0.32.) Contribution Margin Ratio Blanc Company Noir Company

Answers

Answer:

contribution margin ratio= 0.45

Explanation:

Giving the following information:

Blanc Company Noir Company

Company Sales $485,000 $485,000

Variable costs 291,000 242,500

To calculate the contribution margin ratio, first, we need to determine the sales proportion:

Blanc= 485,000/970,000= 0.5

Noir= 485,000/970,000= 0.5

Now, we need to use the following formula:

contribution margin ratio= Weighted average contribution margin/ Weighted average sales

Weighted average contribution margin= (weighted average sales - weighted average variable cost)

Weighted average contribution margin= (0.5*485,000 + 0.5*485,000) - (0.5*291,000 + 0.5*242,500)

Weighted average contribution margin= 218,250

contribution margin ratio= 218,250 / 485,000

contribution margin ratio= 0.45

The cost of borrowing money that is reserved for large corporations with excellent credit ratings is called the

Answers

Answer:

Prime interest rate

Explanation:

The prime interest rate is the rate of interest in which the commercial bank charged for majorly all creditworthy customers as it focused only large corporations. It is to be figured out by the federal fund rate i.e. to be used for lending one to another

Therefore according to the given situation, the term we called prime interest rate as it is mostly focused to those corporations who have great credit ratings

In the case of dormant cracks wider than about 1m, it is more economical to use ____________

Answers

Answer:

B. Grouting

Explanation:

These are the options for the question;

A. Epoxy resin

B. Grouting

C. Tensioning

D. Ranging

In the case of dormant cracks wider than about 1m, it is more economical to use grouting method.

Grouting techniques is a techniques that is achieved by removal of dirt or unwanted substance from the crack of the the faulty part and then grouting of the crack after which the surface is sealed by sealants. It should be noted that grouting is economical than other methods such as surface treatment.

"A registered representative ("RR") has entered an order to buy 100 shares of ABC at $50 per share for a customer. The transaction is executed at $50 per share, and when the representative is reporting the trade to the customer, she notices that the account number on the executed order ticket is wrong. Which statement is TRUE?"

Answers

Answer:

The RR may change the account number on the order ticket to correct number if the branch manager so agrees and provides in written.

Explanation:

In the given case, we  know that when the customer buys shares he provides all the details as Name, Address, Contact Details, mail id, etc:

Now when the account number do not match as to the original of the customer, she the registered representative shall confirm to the original information and if the customer is same the details if any which are not correct shall be changed in records if the branch manager so agree.

As this is beneficial to the both the branch manager and the customer.

Who are angel investors? Give some characteristics and discuss their motivations, etc.

Answers

These are individuals, normally affluent, who inject capital for startups in exchange for ownership equality or convertible debt.

Which of the following is the BEST description of the law of demand?
A. The quantity demanded increases as the price decreases.
OB. The quantity demanded increases as the price increases.
C. Demand is unrelated to fluctuations in supply.
OD. Supply decreases as the demand increases.
O E. The quantity demanded decreases as the price decreases.

Answers

D

This is shown because when a item in demand is needed it becomes price and thus becomes lower of supply and gains value

Giovanna will be borrowing $150,000 today to open her own business, and she will pay it back with 20 yearly payments starting one year from today. If the effective annual interest rate is 8%, how much will the final payment be if the amount of principal reduced each year is constant

Answers

Answer:

$8,100

Explanation:

Following is the table that will we used to compute last payment made:

  Op, Principal  Principal Repayment   Interest    Cl. Principal

1  150,000                     7,500                   12,000        142,500

2  142,500                    7,500                    11,400         135,000

3  135,000                    7,500                   10,800         127,500

4  127,500                     7,500                  10,200         120,000

5  120,000                    7,500                    9,600         112,500

6  112,500                     7,500                    9,000         105,000

7  105,000                    7,500                     8,400          97,500

8  97,500                      7,500                    7,800          90,000

9  90,000                      7,500                     7,200         82,500

10  82,500                     7,500                     6,600         75,000

11  75,000                      7,500                     6,000         67,500

12  67,500                     7,500                     5,400         60,000

13  60,000                     7,500                     4,800         52,500

14  52,500                     7,500                     4,200          45,000

15  45,000                     7,500                     3,600          37,500

16  37,500                     7,500                      3,000         30,000

17  30,000                     7,500                      2,400        22,500

18  22,500                     7,500                      1,800         15,000

19  15,000                      7,500                      1,200          7,500

20  7,500                       7,500                        600              -  

Here  

Closing Principal  = Opening Principal - Principal Repayment

The last final payment would be:

Final Payment = Last Principal Repayment Amount   +   Last Interest Payment

Now the values from the above table are given as under:

Last Principal Repayment Amount is $7,500

Last Interest Payment is $600

By putting values in the above equation, we have:

Final Payment = $7,500   +  $600  = $8,100

After a few years of work in the marketing department of a small firm, you are placed in charge of the firm's inbound marketing. What are you most likely to be in charge of? Group of answer choices

Answers

Answer:

Ensure that customers can find the firm when they search for information on products and services.

Explanation:

Inbound marketing involves attracting customers to a business's products and services by improved customer service and building trust.

Various channels that can be used for inbound marketing are social media, content marketing, search engine optimisation, and branding.

Outbound marketing on the other hand involves pushing out of various products an services to customers via various channels.

Steps in inbound marketing are:

Define the customer

Understanding customer purchase cycles

Establish potential customer

Build loyalty

Use customer relationship management (CRM)

Content management

The MNE can ________ its ________ by gaining access to markets that are more liquid and/or less segmen

Answers

Answer: decrease; MCC.

Explanation:

The MNE can decrease its MCC by gaining access to markets that are more liquid and/or less segmented than its own.

A multinational enterprise which is also referred to as the multinational corporation, is an enterprise that produces goods or services for more than one country. Examples include Shell, Deloitte, Nestle etc

When multinational firms have access to more liquid markets, it can help reduce their MCC.

What does good marketing planning require?

A. Collecting and analyzing data

B. Understanding business systems

C. Making a profit

D. Information through advertising

Answers

Answer:

understanding business systems. is the anwers

Option B.

but all of these require for good marketing............. ᐛ

Other Questions
The reaction N O space plus thin space O subscript 3 space rightwards arrow space N O subscript 2 space plus thin space O subscript 2 is first order with respect to both NO and O3. The rate constatnt is 2.20 x 107 M-1s-1. If at a given moment, the concentration of NO is 3.3 x 10-6 M and the concentration of O3 is 5.9 x 10-7 M, what is the rate of reaction at that moment Subject Pronouns:Please compete this following activity on subject pronouns: Type out yoursentences below the screen shot,18 Answer these questions about what your classmates like and dislike, Replace the underlinedportions with the appropriate subject pronouns. Then add a phrase using et or mais to tellsomething else) these dassmates like,EXAMPLE Nathalie aime nager? Qui elle aime nager et elle aime danser aussi.1. Eric et Jean-Paul aiment faire de l'quitation?Oui,2. Marie-Claire et Danielle aiment tudier?Non,3. Bruno aime les vacances?Oui,4. Florence aime faire les magasins?Non, What are the solutions to the equation 0=x squared- x-6 what is 4+2+-8+-6? A submarine is 650 feet below sea level. If it descends 400 feet, which integer represents its new position? What happens to the angle of declination as you get closer to the poles? What usually happens during the climax of a story a character comes to an important realization or makes a big decision what is the symbol of mercury The integration of the lowest level of the WBS with the organizational units responsible for performing the work is known as PLEASE HELP 15 POINTS + BRAINLIEST Find the coordinates of the other endpoint of the segment, given its midpoint and one endpoint. midpoint - (-15,22) endpoint- (-8,15) Please help oh and heres the hint included (Let (x,y) be the unknown endpoint. Apply the midpoint formula, and solve the two equations for x and y.)FIRST TO ANSWER CORECTLY IS BRAINLIEST Name any 2 instruments based on Archimedes principle Who abolished Dyarchy? I am confused can anyone please answer it There are blast taking place on Sun all the time we reach the heat and energy of the blasts taking place on Sun but why we can't hear the sound produced by these blasts why can't we hear the sound of these blasts??? The energy animals need for their life functions is released when their cells carry out which of the following functions? A) Breaking down glucose B)Absorbing water from the environment C)Moving molecules across membrane D)Eliminating waste products What is the impact of the opening sentence, "My first victim was a woman?" How is Brent Staples using the term "victim"? How does the meaning of sentence and the term change as you read and reread the essay? Question in the picture please help me. A CPU's processing power is determined by the combination of the clock speed, the number of cores, and the amount of ________ memory. A person with good character possesses high status in the society" Show real scenario of the society you live in Q3: What fundamental unit of the metric system always has a prefix in front of Write your answer here How big an impact, on your design considerations in general, is it to sort by different fields of the data periodically (a directory is likely ordered by last name, first name, for example)?