Which of the following statements about the North American Industry Classification System (NAICS)is most accurate?
A)After being used for more than 50 years,the NAICS was replaced by the Standard Industrial Classification (SIC)system.
B)The NAICS permits comparability across countries but does not accurately measure new or emerging industries.
C)One drawback to the NAICS is that its industry classifications are inconsistent with the International Standards Organization.
D)The NAICS groups economic activity to permit studies of market share,demand for products and services,import competition in domestic markets,and similar studies.
E)The NAICS is a five-digit code that allows comparison of industries even when information is limited.

Question

Quizplus · Accepted Answer

The statement that best describes the North American Industry Classification System (NAICS) is that it groups economic activity to permit studies of market share, demand for products and services, import competition in domestic markets, and similar studies. This system has not been replaced by the Standard Industrial Classification (SIC) system, and it does permit comparability across countries. The NAICS is also consistent with the International Standards Organization, and it is actually a six-digit code. However, the option that best describes its purpose is option D.

Which of the Following Statements About the North American Industry