2025年GMAT综合推理真题练习卷

2025年GMAT综合推理真题练习卷

Part1:Multi-SourceReasoning

Source1:TextPassage

ArecentmarketanalysisreportfromtheconsultingfirmVeritasInsightsexaminesthepotentialoftheelectricvehicle(SUV)segmentinRegionAlphaoverthenextfiveyears.ThereportprojectsthatconsumerdemandforelectricSUVs(eSUVs)willgrowatanannualrateof18%from2025to2030.Thecurrent(2024)estimatedmarketsizeforeSUVsinRegionAlphais120,000unitssoldannually.Thereportnotesthatthisgrowthiscontingentontwoprimaryfactors:continuedgovernmentsubsidiesforEVpurchasesandtheexpansionoffast-charginginfrastructure.Ifsubsidiesarereduced,theprojectedgrowthratecouldfallto12%annually.Ifcharginginfrastructureexpansionlags,thegrowthratecouldbe15%annually.Ifbothnegativeconditionsoccur,growthisprojectedatonly8%annually.

Source2:TableofData

Table:MajoreSUVManufacturersinRegionAlpha(2024EstimatedMarketShare&PlannedCapacity)

Manufacturer

2024MarketShare

2025PlannedAnnualProductionCapacity(units)

VoltWagon

35%

70,000

Nio

25%

55,000

Tesla

22%

60,000

Rivian

10%

25,000

Others

8%

20,000

Note:Productioncapacityfiguresrepresentmaximumoutputundercurrentplansandmaynotequalactualsales.

Source3:AnalystComments

Anindustryanalystprovidedthefollowingobservations:

1.VoltWagon'scapacityfor2025alreadyexceedsits2024marketsharevolume(120,000*35%=42,000units),indicatinganaggressiveexpansionplan.

2.Thetotalplanned2025productioncapacityforthelistedmanufacturerssumsto230,000units.

3.Ifthemarketgrowsasprojectedunderthebaseline(18%growth),thetotalmarketdemandin2025wouldbe120,000*1.18=141,600units.Thissuggestspotentialovercapacityifallmanufacturersutilizetheirfullplannedcapacity.

4.Marketshareshiftsarelikely,andcapacityutilizationwillbeakeymetric.

QuestionsforPart1:

1.BasedsolelyontheinformationinSource1,considerthefollowingstatements.Foreachstatement,select"Yes"ifthestatementcanbereasonablyinferredfromtheinformationprovided.Otherwise,select"No."

TheprojectedgrowthrateforeSUVsisindependentofexternalfactors.

Thelowestpossibleannualgrowthrateprojectedunderthescenariosdescribedis8%.

Ifcharginginfrastructureexpandsashopedbutsubsidiesarereduced,theprojectedannualgrowthratewouldbe15%.

2.Assumingthebaselinegrowthprojection(18%annually)holdstruefor2025,andthatthe"Others"categorymaintainsits8%marketshare,whatwouldbetheapproximateminimumproductioncapacityutilizationrequiredforthe"Others"categoryin2025tomeetitsmarketsharedemand?(Utilization=RequiredProduction/PlannedCapacity).

A)32%

B)48%

C)57%

D)91%

3.Foreachofthefollowingscenarios,determinewhetheritwould,basedontheinformationprovided,contributetoareductionintheriskofindustry-wideovercapacityin2025.Select"Yes"ifitreducesovercapacityrisk.Otherwise,select"No."

ThegovernmentannouncesanincreaseinEVpurchasesubsidies.

VoltWagondecidestodelaytheopeningofanewfactory,reducingits2025plannedcapacityto50,000units.

Actualmarketgrowthin2025matchesthescenariowherebothnegativeconditionsoccur(8%growth).

Answers&AnalysisforPart1:

1.

TheprojectedgrowthrateforeSUVsisindependentofexternalfactors.No.Source1explicitlystatesthegrowthis"contingenton"governmentsubsidiesandcharginginfrastructure,makingitdependentonexternalfactors.

Thelowestpossibleannualgrowthrateprojectedunderthescenariosdescribedis8%.Yes.Source1states:"Ifbothnegativeconditionsoccur,growthisprojectedatonly8%annually."

Ifcharginginfrastructureexpandsashopedbutsubsidiesarereduced,theprojectedannualgrowthratewouldbe15%.No.Source1specifiesthatifsubsidiesarereduced,growthcouldfallto12%.Ifcharginginfrastructurelags,growthcouldbe15%.Thescenariodescribesonenegativecondition(subsidiesreduced)andonepositive/neutralcondition(infrastructureexpands).Therateforthisspecificcombinationisnotstated,soitcannotbeinferredtobe15%.

2.B)48%

2025MarketDemand(Baseline)=120,000*1.18=141,600units.

Demandfor"Others"(8%share)=141,600*0.08=11,328units.

PlannedCapacityfor"Others"=20,000units(fromSource2).

RequiredCapacityUtilization=(11,328/20,000)*100%≈56.64%.Thequestionasksfortheminimumutilizationrequiredtomeetdemand,whichisthiscalculatedfigure.Amongoptions,57%istheclosest.However,aprecisecalculationyields11,328/20,000=0.5664→56.64%,whichroundsto57%.Theclosestlistedoptionis57%.(Note:Thereisadiscrepancyintheoptions;57%isthecorrectchoicebasedoncalculation.48%wouldcorrespondtoalowerdemandorhighercapacity.)

Clarification:Recalculatingcarefully:141,600*0.08=11,328.11,328/20,000=0.5664=56.64%.OptionC(57%)isthecorrectapproximation.

3.

ThegovernmentannouncesanincreaseinEVpurchasesubsidies.Yes.Increasedsubsidieswouldlikelyincreasedemand(growthratehigherthanbaseline18%),thusreducingthegapbetweendemand(141,600units)andtotalplannedcapacity(230,000units),mitigatingovercapacityrisk.

VoltWagondecidestodelaytheopeningofanewfactory,reducingits2025plannedcapacityto50,000units.Yes.Reducingplannedcapacitydirectlylowersthetotalindustrycapacity,thusreducingthegapbetweencapacityandprojecteddemand,mitigatingovercapacityrisk.

Actualmarketgrowthin2025matchesthescenariowherebothnegativeconditionsoccur(8%growth).No.An8%growthrateresultsinlowerdemand(120,000*1.08=129,600units),whichincreasesthegapbetweendemandandthehighplannedcapacity(230,000units).Thiswouldexacerbate,notreduce,theriskofovercapacity.

Part2:TableAnalysis

Examinethetablebelow.Itshowsdataforsixdifferentinvestmentportfolios(A-F)heldbyawealthmanagementfirmovertwoyears.Analyzethetabletoanswertheassociatedquestions.Foreachstatement,selecttheoptionthatmakesthestatementtruebasedonthetabledata.

Table:PortfolioPerformanceMetrics(Allvaluesin$thousands)

Portfolio

2023Year-EndValue

2024Year-EndValue

2024NetContributions

2024Time-WeightedReturn(TWR)

2024Money-WeightedReturn(MWR)

A

500

580

0

14.0%

14.0%

B

750

865

50

12.5%

11.8%

C

320

348

-20

10.0%

15.2%

D

900

950

100

5.0%

4.1%

E

600

690

30

8.0%

8.5%

F

410

460

25

6.1%

6.0%

Notes:

-NetContributions:Positivevaluesindicatenetdepositsintotheportfoliobytheclient.Negativevaluesindicatenetwithdrawals.

-TWR:Measuresthecompoundgrowthrateofasingleunitofmoneyinvestedintheportfolio,eliminatingtheeffectofcashflows.

-MWR(IRR):Measurestheoverallgrowthrateoftheactualdollarsinvested,accountingforthetimingandsizeofcashflows.

QuestionsforPart2:

Foreachstatement,selectTrueifthestatementcanbeverifiedastruebasedsolelyontheinformationinthetable.Otherwise,selectFalse.

1.PortfolioDhadthelargestdollaramountofnetcontributionsin2024.

2.Theportfoliowiththehighest2024Time-WeightedReturnalsohadthehighest2024year-endvalue.

3.Foreveryportfoliothatexperiencedanetwithdrawalin2024,theMoney-WeightedReturnexceededtheTime-WeightedReturn.

4.Theportfoliothatranked4thintermsof2023Year-EndValuehada2024TWRgreaterthan8%.

Answers&AnalysisforPart2:

1.True.Lookingatthe"2024NetContributions"column,PortfolioDhasavalueof100,whichishigherthananyotherportfolio'snetcontributions(B:50,E:30,F:25,A:0,C:-20).

2.False.PortfolioAhasthehighestTWR(14.0%).Its2024year-endvalueis580k.PortfolioBhasayear−endvalueof865k,whichishigherthanA's$580k.Therefore,theportfoliowiththehighestTWRdoesnothavethehighestyear-endvalue.

3.True.OnlyPortfolioCexperiencedanetwithdrawal(-20).ForPortfolioC,MWR(15.2%)>TWR(10.0%).Thestatementsays"foreveryportfolio,"andthisconditionholdsfortheonlyqualifyingportfolio(C).

4.True.Ranktheportfoliosby2023Year-EndValueindescendingorder:

1st:D($900k)

2nd:B($750k)

3rd:E($600k)

4th:A($500k)

5th:F($410k)

6th:C($320k)

Theportfolioranked4thisPortfolioA.PortfolioA's2024TWRis14.0%,whichisgreaterthan8%.

Part3:GraphicsInterpretation

Thegraphbelowdepictstherelationshipbetweentheinitialinvestmentamount(inthousandsofdollars)andtheexpectednetpresentvalue(NPV)ofaspecificprojectfortwodifferentdiscountrates:8%and12%.TheNPViscalculatedoverafixed5-yearprojectlifewithconstantannualcashinflows.ThedashedlinerepresentstheNPVprofileata12%discountrate,andthesolidlinerepresentstheNPVprofileatan8%discountrate.

(ImagineagraphwithX-axis:InitialInvestment(000)from0to120,andY−axis:ProjectNPV(000)from-20to60.Twodownward-slopinglinearlinesarepresent.Thesolidline(8%rate)startshigherontheY-axisandhasagentlernegativeslope.Thedashedline(12%rate)startslowerontheY-axisandhasasteepernegativeslope.BothlinescrosstheX-axisatspecificpoints.)

Basedonthevisualdescription:

At0initialinvestment,theNPVat850k,andat12%isapproximately$40k.

Thesolidline(8%)crossestheX-axis(NPV=0)ataninitialinvestmentofabout$100k.

Thedashedline(12%)crossestheX-axis(NPV=0)ataninitialinvestmentofabout$80k.

QuestionsforPart3:

Selecttheoptionfromeachdropdownmenuthatcreatesthemostaccuratestatementbasedonthegraphdescription.

1.Theinternalrateofreturn(IRR)fortheproject,iftheinitialinvestmentwere$90,000,wouldbe[dropdown:lessthan8%,between8%and12%,greaterthan12%].

2.Foraninitialinvestmentof$70,000,theNPVoftheprojectatan8%discountrateis[dropdown:positive,zero,negative],whileata12%discountrateitis[dropdown:positive,zero,negative].

3.Theslopeofeachlinerepresents[dropdown:thepaybackperiod,thesensitivityofNPVtochangesintheinitialinvestment,theproject'sprofitabilityindex].

Answers&AnalysisforPart3:

1.between8%and12%.

TheIRRisthediscountratethatmakesNPV=0foragiveninitialinvestment.

Ataninitialinvestmentof90k,thesolidline(890kinvestmentmustliebetween8%and12%.

2.positive;positive.

Ataninitialinvestmentof70k,boththesolidline(8100k(8%)and80k(1270kislessthanboth80kand100k,theNPVforbothdiscountratesispositive.

3.thesensitivityofNPVtochangesintheinitialinvestment.

ThegraphplotsInitialInvestment(X)vs.NPV(Y).Theslope(ΔY/ΔX)showshowmuchtheNPVchangesforaunitchangeintheinitialinvestment.Itisnotthepaybackperiod(time-based)northeprofitabilityindex(ratioofPVofinflowstoinitialinvestment),thoughitisrelatedtothelatterconceptually.

Part4:Two-PartAnalysis

Amanufacturingcompanyproducesacomponent.Thecost(C)indollarstoproducenunitsisgivenbytheformula:C(n)=4800+20n+0.002.Thecomponentsellsfor$50perunit.Thecompany'sprofitisrevenueminuscost.

Inthetablebelow,makeexactlytwoselections,oneineachcolumn,suchthattheresultingstatementisconsistentwiththeinformationprovided.

SelectforBreak-Even...

SelectforMaximumProfit...

Thenumberofunitsatwhichthecompanyneithermakesaprofitnorincursalossisclosestto:

Thenumberofunitsthatshouldbeproducedandsoldtomaximizeprofitisclosestto:

Options(sameforbothcolumns):500,1000,1500,2000,2500,3000

Answers&AnalysisforPart4:

Step1:Break-EvenPoint.Break-evenoccurswhenProfit=0,i.e.,Revenue=Cost.

RevenueR(n)=50n.

CostC(n)=4800+20n+0.002.

Set50n=4800+20n+0.002.

Simplify:0=4800+20n+0.002−50n

0=4800−30n+0.002,or0.002−30n+4800=0.

Multiplyby1000tosimplify:2−30,000n+4,800,000=0.

Divideby2:−15,000n+2,400,000=0.

Solveusingthequadraticformulaorapproximation.Thediscriminant:(−15,000−4*1*2,400,000=225,000,000−9,600,000=215,400,000.≈14,677.

n=(15,000±14,677)/2.Thetwosolutionsare≈(15,000−14,677)/2≈323/2≈161.5and≈(15,000+14,677)/2≈29,677/2≈14,838.5.Thefirstisverysmall,thesecondishuge.Amongthegivenoptions,1500istheclosesttothelowerbreak-evenpoint?Wait,161.5isclosestto500?No,161.5isnotcloseto500,1000,or1500.Let'scheckcalculationcarefully.

RecalculationforBreak-Even:

Equation:0.002−30n+4800=0.

Multiplyby500:−15,000n+2,400,000=0.(Correct).

Discriminant:D=−4ac=(−15000−4*1*2,400,000=225,000,000−9,600,000=215,400,000.

==*≈10,000*4.641=46,410.Thisisclearlywrong.Let'scomputeaccurately:.14,=213,160,000.14,=216,090,000.Sosqrtisbetween14,670and14,680.14,=215,355,625.So≈14,675.

Thenn=(15,000±14,675)/2.

=(15,000−14,675)/2=325/2=162.5.

=(15,000+14,675)/2=29,675/2=14,837.5.

Therealisticbreak-evenpointforacompanystartingproductionisthelowerone,~163units.Noneoftheoptions(500,1000,...)arecloseto163.Thissuggeststhecostfunctionorpricemaybeintendedforadifferentscale.Perhapstheconstanttermis480,not4800?Orthepriceis500?Let'sassumeapossibleintendedinterpretation:Thebreak-evenamonglargeoptionsis~14,838,whichisalsonotclosetoanyoption.Theremightbeatypointheproblemdesignforthisexercise.Giventheoptions,let'sproceedtothemaximumprofitcalculation,whichoftenyieldsanansweramongtheoptions.

Step2:MaximumProfitPoint.ProfitP(n)=R(n)−C(n)=50n−(4800+20n+0.002)=−0.002+30n−4800.

Thisisadownward-openingquadratic(coefficientofisnegative).Maximumoccursatthevertex:n=−b/2a,wherea=−0.002,b=30.

n=−30/(2*−0.002)=−30/−0.004=7,500.Thisisnotamongtheoptionseither.

Thisindicatestheparametersarenotalignedwiththeprovidedanswerchoices.ForatypicalGMAT-styleproblem,thenumbersarechosentoyieldanswerswithinthegivenset.Let'sadjustourapproachtoreverse-engineerusingtheoptions.

Ifthebreak-evenistobeamongtheoptions,say1500,then:

50*1500=75,000.

C(1500)=4800+20*1500+0.002*()=4800+30,000+0.002*2,250,000=4800+30,000+4500=39,300.Profitwouldbe75,000-39,300=35,700,notzero.So1500isnotbreak-even.

Ifmaximumprofitisat,say,7500(ourcalc),notinoptions.PerhapstheformulaisC(n)=4800+20n+0.2?Let'stestasimpler,morestandardcostfunctionforthiscontext:Oftenit'sC(n)=F+Vn,buthereit'squadratic,suggestingincreasingmarginalcost.ForthevertexoftheprofitfunctionP(n)=−0.002+30n−4800,thevertexisatn=30/(2*0.002)=30/0.004=7,500.Notinoptions.

Giventheconstraintsoftheexerciseandtheneedtoprovideananswerkeyfromthegivenoptions,wemustassumeadifferentintendedinterpretationorasimplification.Acommonsimplificationfortwo-partanalysisisthatthebreak-evenandmaxprofitpointsaredifferentstandardnumbers.Let'schecktheprofitfunctionvalueattheoptions:

Atn=1500:P(1500)=-0.002*(2,250,000)+30*1500-4800=-4500+45,000-4800=35,700.

Atn=2000:P(2000)=-0.002*(4,000,000)+60,000-4800=-8000+60,000-4800=47,200.

Atn=2500:P(2500)=-0.002*(6,250,000)+75,000-4800=-12,500+75,000-4800=57,700.

Profitisstillincreasing.Atn=7500itmaxes.

Perhapsthepriceis500,not50?Ifpriceis$500,then:

P(n)=500n−4800−20n−0.002=−0.002+480n−4800.

Vertex:n=−480/(2*−0.002)=480/0.004=120,000.No.

Giventhemismatch,forthepurposeofthisexerciseanswerkey,andbasedoncommonGMATproblempatternswherethebreak-evenislowerandmaxprofitishigher,wewillselectthepairthatfitsatypicaleconomiclogicwiththegivennumbers,evenifnotmathematicallyexactundertheprovidedformula.Often,thebreak-evenisfoundbysolvingthequadraticandtakingthesmallerroot.Usingthequadraticformulaon0.002−30n+4800=0,dividingby0.002:−15000n+2,400,000=0.Thesmallerrootis(15000−)/2=(15000−)/2=(15000−)/2.≈14675.Sosmallerroot≈(15000-14675)/2=325/2=162.5.Notinoptions.Thelargerrootis~14837.5,alsonotinoptions.

Giventhenecessitytochoosefromoptions,andrecognizingapotentialflawintheproblem'snumericaldesignforthissimulatedexercise,wewillmakeaplausibleselectionbasedonthestructureoftwo-partanalysisquestions.Typically,themaximumprofitquantityisgreaterthanthebreak-evenquantity.Amongtheoptions,aplausiblepairingmightbeBreak-Even:1000andMaxProfit:7500(notanoption).Since7500isn'tthere,thenextlogic:Theprofitfunction