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 ______.
-:- - The "Value Proposition" is met (change in total value is greater
than change in total cost)
- Government does not ...
AVMG 4200 - EXAM 1 QUESTIONS AND
CORRECT ANSWERS | LATEST UPDATE
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 ______.
✓ -:- - The "Value Proposition" is met (change in total value is greater
than change in total cost)
✓ - Government does not prohibit or impede movement through regulation
or taxes.
Utility or Value in an economic system created by the "physical transformation of materials
from raw to finished product" is called ______ value.
✓ -:- Form
The explosion in international trade at the end of World War II that continues to this day is
a direct result of three main factors; among them are ______.
✓ -:- - Governments have enacted "laissez faire" economic policies for
importation of foreign products.
- Transportation over great distances has become easy, cheap, and ubiquitous.
A modern Supply/Value "Chain" is actually a network of ______ connected by ______ .
✓ -:- Fixed nodes; transportation arcs
In a modern Supply/Value Chain, ______.
✓ -:- - Value is created only by Marketing, Manufacturing, and
Transportation.
- Cost is generated by every single activity.
The "Value Proposition of Transportation" is founded on the principle of ______.
✓ -:- Moving a product to a different context can increase its value.
Under the modern Supply/Value Chain concept, the ______ pays for all the costs of the
entire process.
✓ -:- Retail Consumer
Air Freight Forwarders are classified as ______.
✓ -:- Middlemen
3|P a g e | G r a d e A + | 2 0 2 0 2 5
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