Which of the following describes public policy?

The description of public policy as a governmental policy reflecting societal values is accurate because public policy encompasses the principles and standards that guide governmental actions and decision-making processes. It emerges from the collective values and priorities of society, indicating how a government responds to issues affecting the public interest. This can include areas such as education, health care, transportation, and safety, where society's values are translated into laws and regulations that aim to promote the welfare of the community.

When considering the other options, it is clear they do not align with the definition of public policy. For example, a policy created for private corporations focuses on corporate interests rather than the collective interests of society as a whole. Similarly, a set of laws relating to environmental protection, while important, represents just one area of public policy and does not encompass the broader governmental approach to societal values. Lastly, a policy focused solely on foreign affairs pertains to international relations and does not address the domestic implications and societal values inherent in public policy. Thus, option B most comprehensively aligns with the idea of public policy.