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

question 219

Multiple Choice

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) Free Trade Classification System (FTCS).
• D) North American Industry Classification System (NAICS).
• E) Federal System of International Organizations (FSIO).

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Definitions:

Aggregate Demand

The complete requirement for goods and services in an economy, determined at an established overall pricing level for a specific duration.

Rising Prices

An economic condition characterized by an increase in the cost of goods and services, typically signifying inflation.

Implementation Lag

The delay between the decision to enact a policy and the time the effects of the policy are observed in the economy.

Policy Makers

Individuals or groups responsible for making decisions and setting policies at various levels of government or within organizations, aimed at achieving specific goals.