In the Context of Operational Plans, Which of the Following

question 101

Multiple Choice

In the context of operational plans, which of the following is a difference between policies and procedures?

• A) Policies are single-use plans, whereas procedures are standing plans.
• B) Policies are plans that cover one-time-only events, whereas procedures are plans that can be used for recurring events.
• C) Policies indicate the general course of action that managers should take in response to a particular event, whereas procedures indicate the specific steps that managers should take in response to a particular event.
• D) Policies are strategic plans that are developed and carried out by the lower-level managers of a company, whereas procedures are tactical plans that are developed and carried out by the middle management of a company.

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Definitions:

Marginal Productivity

The increase in output resulting from a one-unit increase in the input, holding all other inputs constant.

Income Distribution

The way in which total income is shared among the population or different groups within the society.

Equilibrium Value

The price and quantity at which the supply and demand for a good or service balance each other out.

VMPL Curve

The VMPL curve, or the Value of Marginal Product of Labor curve, represents the additional value created by employing one more unit of labor, holding other inputs constant.