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, NAICS was replaced by the Standard Industrial Classification (SIC system).
B)NAICS permits comparability across countries but does not accurately measure new or emerging industries.
C)One drawback to NAICS is that it is inconsistent with the International Standard Industrial Classification of All Economic Activities published by the United Nations (UN).
D)NAICS groups economic activity to permit studies of market share, demand for goods and services, import competition in domestic markets, and similar studies.
E)NAICS is a five digit code that allows comparison of industries even when information is limited.

Question

Quizplus · Accepted Answer

NAICS groups economic activity to permit studies of market share, demand for goods and services, import competition in domestic markets, and similar studies. Option A is incorrect as NAICS was introduced in 1997 as a replacement for the SIC system. Option B is incorrect as NAICS accurately measures new and emerging industries. Option C is incorrect as NAICS is consistent with the International Standard Industrial Classification of All Economic Activities published by the United Nations (UN). Option E is incorrect as NAICS is a six-digit code.

Which of the Following Statements About the North American Industry