GRE Questions

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Read the following passage carefully and choose the most appropriate answer to the question out of the four alternatives.

Most economists in the United States seem captivated by the spell of the free market. Consequently, nothing seems good or normal that does not accord with the requirements of the free market. A price that is determined by the seller or, for that matter (for that matter: so far as that is concerned), established by anyone other than the aggregate of consumers seems pernicious. Accordingly, it requires a major act of will to think of price-fixing (the determination of prices by the seller) as both "normal" and having a valuable economic function. In fact, price-fixing is normal in all industrialized societies because the industrial system itself provides, as an effortless consequence of its own development, the price-fixing that it requires. Modern industrial planning requires and rewards great size. Hence, a comparatively small number of large firms will be competing for the same group of consumers. That each large firm will act with consideration of its own needs and thus avoid selling its products for more than its competitors charge is commonly recognized by advocates of free-market economic theories. But each large firm will also act with full consideration of the needs that it has in common with the other large firms competing for the same customers.

Who, according to the economists, are the right group of people to set the price of a commodity?

In the following question, out of the four alternatives, select the alternative which is the best substitute of the words/sentence.

A remarkable concurrence of events or circumstances without apparent causal connection

In the following question, out of the given four alternatives, select the one which best expresses the meaning of the given word.

Abeyance

In the following question, out of the four alternatives, select the alternative which will improve the bracketed part of the sentence. In case no improvement is needed, select "no improvement".

With all this my mind wandered back to my brother who (had gone) to play basketball.

In the following passage some of the words have been left out. Read the passage carefully and choose the correct answer for the given blank out of the four alternatives.

We have rich cultural _____ . Its roots go into _____. Ours has never been a closed ______. It has _______ just like a tree, ______ to external ______ but holding its roots _______. But one wonders today whether it will be able to hold its _____. The ______ of our cultural heritage has come under the _____ of western culture.

We have rich cultural _____ .

A passage with three blanks, followed by five options, each containing one word, is given. Choose the word that can fill all the three blanks.
An __________ is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder. Participants bid openly against one another, with each subsequent bid required to be higher than the previous bid. An auctioneer may announce prices, bidders may call out their bids themselves (or have a proxy call out a bid on their behalf), or bids may be submitted electronically with the highest current bid publicly displayed. In a Dutch ____________, the auctioneer begins with a high asking price for some quantity of like items; the price is lowered until a participant is willing to accept the auctioneer's price for some quantity of the goods in the lot or until the seller's reserve price is met. In economic theory, an ____________ may refer to any mechanism or set of trading rules for exchange.

Read the following passage carefully and choose the most appropriate answer to the question out of the four alternatives.

Most economists in the United States seem captivated by the spell of the free market. Consequently, nothing seems good or normal that does not accord with the requirements of the free market. A price that is determined by the seller or, for that matter (for that matter: so far as that is concerned), established by anyone other than the aggregate of consumers seems pernicious. Accordingly, it requires a major act of will to think of price-fixing (the determination of prices by the seller) as both "normal" and having a valuable economic function. In fact, price-fixing is normal in all industrialized societies because the industrial system itself provides, as an effortless consequence of its own development, the price-fixing that it requires. Modern industrial planning requires and rewards great size. Hence, a comparatively small number of large firms will be competing for the same group of consumers. That each large firm will act with consideration of its own needs and thus avoid selling its products for more than its competitors charge is commonly recognized by advocates of free-market economic theories. But each large firm will also act with full consideration of the needs that it has in common with the other large firms competing for the same customers.

A major act of will will bring about price-fixing that will be seen as -

Read the following passage carefully and choose the most appropriate answer to the question out of the four alternatives.

In short, to write a good letter you must approach the job in the lightest and most casual way. You must be personal, not abstract. You must not say, 'This is too small a thing to put down'. You must say, 'This is just the sort of small thing we talk about at home. If I tell them this they will see me, as it were they'll hear my voice, they'll know what I'm talking about'. That is the purpose of a letter. Carlyle had the trick to perfection. He is writing from Scotsbrig to his brother Alec in Canada and he begins talking about his mother. Good old Mother, he says, 'she is even now sitting at my back, trying at another table to write you a small word with her own hand; the first time she has tried such a thing for a year past. It is Saturday night, after dark; we are in the east room in a hard, dry evening with a bright fire to our two selves; Jenny and her Barns are 'scouring up things' in the other end of the house; and below stairs the winter operations of the farm go on, in a subdued tone; you can conceive the scene! How simple it is and yet how perfect. Can not you see Alec reading it in his far-off home and his eyes moistening at the picture of his old mother sitting and writing her last message to him on earth?

Abstract' in the passage means