Mix Test - 7...

Fill the gaps in the passages below with the most appropriate word from the options given for each gap. The right words are the ones used by the author. Be guided by the author’s overall style and meaning when you choose the answers.

Von Nuemann and Morgenstern assume a decision framework in which all options are thoroughly considered, each option being independent of the others, with a numerical value derived for the utility of each possible outcome (these outcomes reflecting, in turn, all possible combinations of choices). The decision is then made to maximize the expected utility. ... 1 ... such a model reflects major simplifications of the way divisions are made in the real world. Humans are not able to process information as quickly and effectively as the model assumes; they tend not to think ... 2 ... as easily as the model calls for; they often deal with a particular option without really assessing its ... 3 ... and when they do assess alternatives, they may be extremely nebulous about their criteria of evaluation.

Fill up the blanks, numbered [1], [2] up to [10], in the two passages below with most appropriate word from the options given for each blank.

First Passage:

"Between the year 1946 and the year 1955, I did not file any income tax returns." With that [1] statement, Ramesh embarked on an account of his encounter with the income tax department. "I originally owned Rs. 20,000 in unpaid taxes. With [2] and [3], the 20,000 became 60,000. The Income tax Department then went into action, and I learned first hand just how much power the Tax Department wields. Royalties and trust funds can be [4]; automobiles may be [5], and auctioned off. Nothing belongs to the [6] until the case is settled."

Second Passage:

"At that time the white house was as serene as a resort hotel out of season. The corridors were [7]. In the various offices, [8] gray men in waistcoats talked to one another in low-pitched voices. The only color, or choler, curiously enough, was provided by President Eisenhower himself. Apparently, his [9] was easily set off; he scowled when he [10] the corridors.