The System That Provides Common Industry Definitions for Canada,Mexico,and the United

question 88

Multiple Choice

The system that provides common industry definitions for Canada,Mexico,and the United States,which makes it easier to measure economic activity in the three member countries of the North American Free Trade Agreement (NAFTA) ,is referred to as the

• A)Standard Industrial Code System (SICS).
• B)United Nations Central Product Classification System (UNCPCS).
• C)National Codes of Industry System (NCIS).
• D)North American Industry Classification System (NAICS).
• E)Federal System of International Organizations (FSIO).

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Definitions:

Units of Guns

A measure or quantity of firearms; colloquially, it can refer to military spending or resources in discussions of trade-offs between defense and civilian spending.

Units of Butter

A measurement used to quantify butter, typically in pounds or kilograms, often used as an example in economic theories to explain concepts like trade-offs and opportunity costs.

Opportunity Cost

Failing to capitalize on potential gains from other alternatives when making a singular choice.

Consumer Goods

Products and services that are consumed by individuals or households for personal satisfaction and daily use.