The North American Industry Classification System (NAICS)codes

question 61

Multiple Choice

The North American Industry Classification System (NAICS) codes:

• A)will soon be replaced by the strategic industrial classification (SIC).
• B)is published by the North American Treaty Alliance.
• C)organizes all industries in our economy into 20 broad sectors.
• D)has little relevance for marketers outside the United States.
• E)are top secrets which cannot be shared with outsiders.

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Definitions:

Marginal Revenue Product

The additional revenue generated from using one more unit of a factor of production, holding all other factors constant.

Input X

Represents a variable or factor in production or another economic model, signifying a specific input or resource used in a process.

Marginal Revenue Product

The additional revenue a firm generates by employing one more unit of input, typically labor.

Labor Market

A marketplace where labor services are bought (by employers) and sold (by workers), determining the allocation of labor resources and wages.