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Which of the following types of securities or securities transactions are exempt from the need to be registered under the Securities Act of 1933?
I.Commercial paper with a maturity of nine months or less.
II.Intrastate issues in which the securities are offered and sold only within one state.
III.Municipal bonds.
Unique Product
A product that stands out from others due to its distinctive characteristics, features, or innovation.
Competitive Advantage
The unique positioning and strategy that enable a business to generate greater sales or margins than its competition.
Barriers to Entry
Economic, procedural, or regulatory hurdles that inhibit new competitors from easily entering an industry or area of business.
Social Progress
The advancement of society through improvements in education, healthcare, technology, and standard of living, among other factors.
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