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AVMG 4200 TEST 1 QUESTIONS AND CORRECT ANSWERS | LATEST UPDATE
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The three fundamental forms of utility under capitalist economic theory are: -:- Possession, Form, and Time/Space Goods will move from areas of surplus to areas of shortage as if by a mysterious "Invisible Hand" as long as three fundamental conditions are met; among these are _____ . -:- fre...

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  • September 17, 2024
  • 32
  • 2024/2025
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  • the three fundamental forms of utility under capit

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2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!




AVMG 4200 TEST 1 QUESTIONS AND
CORRECT ANSWERS | LATEST UPDATE
The three fundamental forms of utility under capitalist economic theory are:


✓ -:- Possession, Form, and Time/Space




Goods will move from areas of surplus to areas of shortage as if by a mysterious "Invisible

Hand" as long as three fundamental conditions are met; among these are _____ .


✓ -:- free market conditions are provided




In order for there to be "Free Markets" several preconditions must be met; among the "top

three" for a modern economic system are _____ .


✓ -:- a predictable and stable means of value exchange




Utility or Value in an economic system created by the "physical transformation of materials

from raw to finished product" is called _____ value.


✓ -:- Form




1|P a g e | G r a d e A + | 2 0 2 0 2 5

,2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!




The cost per passenger (or pound) for a flight is literally impossible to calculate in advance

because


✓ -:- the costs are fixed but demand varies




The economic deregulation of the transportation industry began with


✓ -:- rail in 1976




"Managerial" accounting deals primarily with


✓ -:- assessing business alternatives




Under the "Cost Accounting" paradigm, labor is typically characterized as a _____ cost.


✓ -:- variable




Transportation adds value in an economic system by generating


✓ -:- time and Place utility




The _____ cost concept is a core principle of the modern Supply/Value Chain model.




2|P a g e | G r a d e A + | 2 0 2 0 2 5

,2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!




✓ -:- total




The value created by a modern Supply/Value Chain is harvested


✓ -:- only at the retail (final customer) step of the process




A critical outcome of the supply chain is to deliver


✓ -:- the right product to the right place.




"Freight Eligibility" determines and goes along with and determines _____.


✓ -:- modal option selection




The buying of transportation services is typically either done by a _____ or _____.


✓ -:- shipper, forwarder




In the competitive environment for transportation services, _____ refers to the modal

characteristic defined by the convenience and number of dropoff & pickup locations.


✓ -:- accessibility




3|P a g e | G r a d e A + | 2 0 2 0 2 5

, 2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!




The two main negotiation approaches between freight buyers and carriers are the _____

and _____.


✓ -:- adversarial, collaborative




Product types that represent the market for air freight include items that are


✓ -:- valuable relative to weight and volume




In the "Physical perspective" of the aviation industry macro supply/value chain, the system is

made up of


✓ -:- nodes (locations) and arcs (routes)




The "arcs" in the physical model of the aviation industry supply/value chain perspective can

be either _____ or _____.


✓ -:- surface, air




The three types of Air Freight Carriers are




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