The Difference Between a Policy and a Rule Is That

question 20

Multiple Choice

The difference between a policy and a rule is that

• A) a policy is rigid, but a rule is comparatively flexible.
• B) a policy does not specify details of how to handle a specific situation, but rules are very specific.
• C) a policy is related to operational planning and has a narrower scope compared to a rule.
• D) a policy is not open to interpretation like a rule.

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Definitions:

Cartel

A coalition of producers or vendors aimed at keeping prices elevated by limiting competition.

Production Step

A production step involves any stage in the process of creating a product, from initial concept to final output.

OPEC Member

A country that is part of the Organization of the Petroleum Exporting Countries, a group that coordinates and unifies petroleum policies among member countries.

Saudi Arabia

A country in the Middle East known for its vast oil reserves, which play a significant role in the global energy market and its economy.