Which of the Following Statements Is Correct

question 62

Multiple Choice

Which of the following statements is correct?

• A)Long-range planning is just another term for budgeting.
• B)Budgeting and long-range planning differ with respect to emphasis, detail and time period.
• C)The only difference between budgeting and long-range planning is the time frame.
• D)Budgeting is the first step in long-range planning.

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Definitions:

Production Possibilities Frontier

A graph that represents all the highest possible production levels for two or more products, considering the available inputs like resources and technology.

Comparative Advantage

The ability of a country or firm to produce a particular good or service at a lower opportunity cost than others.

Total World Production

The aggregate amount of goods and services produced globally within a specific time frame, often measured in terms of Gross World Product (GWP).

Specialize

To focus on a particular area of knowledge, skill, or production, often to increase efficiency or quality.