2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!
AVMG 4200 EXAM 1 QUESTIONS AND
CORRECT ANSWERS | LATEST UPDATE
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
✓ -:- transportation over great distances has become easy. cheap, and
ubiquitous
Why is it so difficult to find a "truly domestic product" in almost any country or region
today?
✓ -:- reduction in the costs of transporting products over greater
distances and easing of trade restrictions
The three fundamental forms of utility under capitalist economic theory are:
✓ -:- Possession, Form, and Time/Space
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!
Under the "Cost Accounting" paradigm, the majority of fuel costs are characterized as
✓ -:- Variable
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 accounting paradigm that characterizes costs according to Direct Operating, Indirect
Operating, and Non-Operating categories is the _____ approach
✓ -:- cost accounting
The economic deregulation of the transportation industry began with
✓ -:- rail in 1976
The value created by a modern Supply/Value Chain is harvested
✓ -:- only at the retail (final customer) step of the process
2|P a g e | G r a d e A + | 2 0 2 0 2 5
AVMG 4200 EXAM 1 QUESTIONS AND
CORRECT ANSWERS | LATEST UPDATE
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
✓ -:- transportation over great distances has become easy. cheap, and
ubiquitous
Why is it so difficult to find a "truly domestic product" in almost any country or region
today?
✓ -:- reduction in the costs of transporting products over greater
distances and easing of trade restrictions
The three fundamental forms of utility under capitalist economic theory are:
✓ -:- Possession, Form, and Time/Space
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!
Under the "Cost Accounting" paradigm, the majority of fuel costs are characterized as
✓ -:- Variable
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 accounting paradigm that characterizes costs according to Direct Operating, Indirect
Operating, and Non-Operating categories is the _____ approach
✓ -:- cost accounting
The economic deregulation of the transportation industry began with
✓ -:- rail in 1976
The value created by a modern Supply/Value Chain is harvested
✓ -:- only at the retail (final customer) step of the process
2|P a g e | G r a d e A + | 2 0 2 0 2 5
