LGAV Exam 2, 2026 – Aviation Studies Study and Review Material
The objective of "Yield" or "Inventory" management is to ______ ______ by _____ _____ . -
ANS✔✔ maximize profit, maximizing revenue
A(n) ____ in price will generally cause a(n) _____ in total revenue under very "inelastic"
demand. - ANS✔✔ decrease, decrease
If demand is very "elastic," a relatively _____ change in price would lead to a relatively _____
change in demand. - ANS✔✔ small, large
Economic deregulation (1979-1981) resulted in the marketing factor _____ increasing in
importance to become the dominant marketing tool for influencing demand. - ANS✔✔ price
All major airlines publicly file their fare information via the - ANS✔✔ Airline Tariff Publishing
Company (ATPCO)
_____ actions refer to changes in restrictions that accompany ticket prices. - ANS✔✔ Rule
A change in a "non-price determinant" of demand would typically result in a change in -
ANS✔✔ demand
A long-term trend is affected only by irregular variations - ANS✔✔ True
Most forecasting methods are based on historical information and assume past trends will
continue - ANS✔✔ True
, In order for a casual forecast to be meaningful, there needs to be a cause-and-effect
relationship between both variables - ANS✔✔ False
All of the following are limitations of casual model forecasts EXCEPT - ANS✔✔ Casual models
are simplistic and unsophisticated
Disposable income, consumer spending, and gross national product are examples of - ANS✔✔
Independent variables
Which Staff Department is charged with developing long-range forecasts and projecting the
company's financial revenues? - ANS✔✔ Economic Planning
This type of variation reflects weather and social trends - ANS✔✔ Seasonal
What issues do bilateral agreements usually address? - ANS✔✔ A & B & C ( Number of carriers
designated to service between countries, Serviceable routes, Government's role in determining
fares)
Prior to WWII, international routes were negotiated by - ANS✔✔ Individual carriers
Bilateral agreements are - ANS✔✔ B & C ( Designed to establish operating and traffic rights of
U.S. airlines over foreign routes, Usually provide standards for customs duties and inspection
fees)
After WWI, the International Chamber of Commerce was designed to - ANS✔✔ Establish a
uniform code of international private commercial aviation
The pursuit of open skies policy was facilitated by - ANS✔✔ A strong industry
The objective of "Yield" or "Inventory" management is to ______ ______ by _____ _____ . -
ANS✔✔ maximize profit, maximizing revenue
A(n) ____ in price will generally cause a(n) _____ in total revenue under very "inelastic"
demand. - ANS✔✔ decrease, decrease
If demand is very "elastic," a relatively _____ change in price would lead to a relatively _____
change in demand. - ANS✔✔ small, large
Economic deregulation (1979-1981) resulted in the marketing factor _____ increasing in
importance to become the dominant marketing tool for influencing demand. - ANS✔✔ price
All major airlines publicly file their fare information via the - ANS✔✔ Airline Tariff Publishing
Company (ATPCO)
_____ actions refer to changes in restrictions that accompany ticket prices. - ANS✔✔ Rule
A change in a "non-price determinant" of demand would typically result in a change in -
ANS✔✔ demand
A long-term trend is affected only by irregular variations - ANS✔✔ True
Most forecasting methods are based on historical information and assume past trends will
continue - ANS✔✔ True
, In order for a casual forecast to be meaningful, there needs to be a cause-and-effect
relationship between both variables - ANS✔✔ False
All of the following are limitations of casual model forecasts EXCEPT - ANS✔✔ Casual models
are simplistic and unsophisticated
Disposable income, consumer spending, and gross national product are examples of - ANS✔✔
Independent variables
Which Staff Department is charged with developing long-range forecasts and projecting the
company's financial revenues? - ANS✔✔ Economic Planning
This type of variation reflects weather and social trends - ANS✔✔ Seasonal
What issues do bilateral agreements usually address? - ANS✔✔ A & B & C ( Number of carriers
designated to service between countries, Serviceable routes, Government's role in determining
fares)
Prior to WWII, international routes were negotiated by - ANS✔✔ Individual carriers
Bilateral agreements are - ANS✔✔ B & C ( Designed to establish operating and traffic rights of
U.S. airlines over foreign routes, Usually provide standards for customs duties and inspection
fees)
After WWI, the International Chamber of Commerce was designed to - ANS✔✔ Establish a
uniform code of international private commercial aviation
The pursuit of open skies policy was facilitated by - ANS✔✔ A strong industry
