GRE Questions

---

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

Causing annoyance or resentment

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.

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

Abeyance

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

A sentence has been given in Direct/Indirect Speech. Out of the four given alternatives, select the one which best expresses the same sentence in Indirect/Direct Speech.

Kavita asked me, “How is your mother?”

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 -

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.