Download [PDF] November 2013 BMAT S1 Questions Aptitude and Skills BioMedical Admissions Test

File Information


Filename: [PDF] November 2013 BMAT S1 Questions Aptitude and Skills BioMedical Admissions Test.pdf
Filesize: 1.29 MB
Uploaded: 08/08/2021 23:21:02
Keywords:
Description: Download file or read online BMAT past exam paper aptitude and skills 4500/11 november 2013 questions section 1 - BioMedical Admissions Test
Downloads: 1

File Preview

Download Urls


Short Page Link

https://www.edufilestorage.com/39s

Full Page Link

https://www.edufilestorage.com/39s/PDF_November_2013_BMAT_S1_Questions_Aptitude_and_Skills_BioMedical_Admissions_Test.pdf

HTML Code

<a href="https://www.edufilestorage.com/39s/PDF_November_2013_BMAT_S1_Questions_Aptitude_and_Skills_BioMedical_Admissions_Test.pdf" target="_blank" title="Download from eduFileStorage.com"><img src="https://www.edufilestorage.com/cache/plugins/filepreviewer/2118/pdf/150x190_middle_46f4e7862b1eb5bd4935adbbba5d79e8.jpg"/></a>

Forum Code

[url=https://www.edufilestorage.com/39s/PDF_November_2013_BMAT_S1_Questions_Aptitude_and_Skills_BioMedical_Admissions_Test.pdf][img]https://www.edufilestorage.com/cache/plugins/filepreviewer/2118/pdf/150x190_middle_46f4e7862b1eb5bd4935adbbba5d79e8.jpg[/img][/url]
Download file
[PDF] November 2013 BMAT S1 Questions Aptitude and Skills BioMedical Admissions Test [PDF]

[PDF] November 2013 BMAT S1 Questions Aptitude and Skills BioMedical Admissions Test.pdf | Plain Text


© UCLES 2013 BioMedical Admissions Test 4500/11 Wednesday 6 th November 2013 One hour SECTION 1 Aptitude and Skills Instructions to Candidates Please read this page carefully, but do not open the question paper until you are told that you may do so. A separate answer sheet is provided for this section. Please check you have one. You also require a soft pencil and an eraser. Please complete the answer sheet with your: x BMAT candidate number x centre number x date of birth x name Speed as well as accuracy is important in this section. Work quickly, or you may not finish the paper. There are no penalties for incorrect responses, only points for correct answers, so you should attempt all 35 questions. All questions are worth one mark. Answer on the sheet provided. Most questions ask you to show your choice between options by shading a circle. If questions ask you to write in words or numbers, be sure to write clearly in the spaces provided. If you make a mistake, erase thoroughly and try again. Any rough work should be done on this question paper. Calculators are NOT permitted. Please wait to be told you may begin before turning this page. This paper consists of 23 printed pages and 1 blank page.    

7KH,1&2FRPSDQ\VZLWFKERDUGLVFRYHUHGE\WKUHHRSHUDWRUVH[DFWO\WZREHLQJRQGXW\RQDQ\ GD\%REZRUNVRQWKHVZLWFKERDUGIRUDPD[LPXPRIWKUHHGD\VDZHHN1RQHRIWKHRSHUDWRUV ZRUNIRUIRXUFRQVHFXWLYHGD\VLQDZHHN 7KHPDQDJHULVSUHSDULQJDQHZURWDDQGGXHWRRWKHUFRQVWUDLQWVKDVILOOHGLWLQDVIDUDVVKRZQ EHORZ :KLFKGD\VZLOO&DUODZRUN" &RVPRORJLVWVKDYHVXJJHVWHGQHZFULWHULDIRUWKHERXQGDULHVRIWKHµKDELWDEOH]RQH¶±LHWKH UHJLRQDURXQGDVWDUVXFKDVWKH6XQLQZKLFKOLTXLGZDWHUFDQWKHRUHWLFDOO\H[LVW7KLV]RQHLV DOVRFDOOHGWKH*ROGLORFNV]RQHEHFDXVHWHPSHUDWXUHVDUHµMXVWULJKW¶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‹UCLES 2013

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±GRPRUHDQGRUHDWOHVV :KLFKRQHRIWKHIROORZLQJLVWKHEHVWH[SUHVVLRQRIWKHPDLQFRQFOXVLRQLQWKHDERYHDUJXPHQW"  $$GDPDQG%HQ %$GDPDQG0DULD &$GDPDQG7DUD '%HQDQG0DULD (%HQDQG7DUD )0DULDDQG7DUD  $2XUERGLHVDUHOLNHYHKLFOHV %:HGRQRWXQGHUVWDQGHYHU\WKLQJDERXWWKHZD\LQZKLFKFDORULHVDUHXVHGE\WKHERG\ &*UHDWHUOHYHOVRIDFWLYLW\DQGORZHUFDORULHFRQVXPSWLRQDUHWKHNH\VWRZHLJKWORVV '3HRSOHEXUQFDORULHVDWGLIIHUHQWUDWHV (3K\VLFDODFWLYLW\LVWKHRQO\ZD\LQZKLFKZHFDQEXUQXSFDORULHV >7XUQ2YHU 3 ‹UCLES 2013

-DVRQKDG6SUXJJOHVWKDWKHZDQWHGWRVHOOVRKHUHQWHGDPDUNHWVWDOOIRUWZRGD\V +HVHWWKHSULFHDW…HDFKDQGZDVGLVDSSRLQWHGZKHQKHVROGOHVVWKDQDTXDUWHURIWKHPRQ WKHILUVWGD\ +HGHFLGHGWKDWKHZRXOGUHGXFHWKHSULFHE\IRUWKHVHFRQGGD\ 2QWKHVHFRQGGD\KHVROGH[DFWO\WZLFHDVPDQ\DQGWRRN…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µ&ORYLV)LUVW¶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‹UCLES 2013

6LPRQ/LDP,DQ'\ODQDQG(ULFPDNHXSWKHER\EDQG6OLGH7KHLUVXUQDPHVDUH'R\OH)OR\G +\GH5XVKDQG6KRUHEXW,FDQ WUHPHPEHUZKLFKVXUQDPHJRHVZLWKZKLFKILUVWQDPH 0\IULHQGWHOOVPHWKDWQROHWWHURIWKHDOSKDEHWDSSHDUVWZLFHLQDQ\RIWKHER\V IXOOQDPHV ILUVW QDPHDQGVXUQDPHFRPELQHG DQGWKHVXUQDPHRIHDFKER\KDVDGLIIHUHQWQXPEHURIOHWWHUVIURP KLVILUVWQDPH :KDWLV,DQ VVXUQDPH"  $'R\OH %)OR\G &+\GH '5XVK (6KRUH >7XUQ2YHU 5 ‹UCLES 2013

4XHVWLRQVtUHIHUWRWKHIROORZLQJWUDQVFULSWRIDUDGLREURDGFDVW ,W VRQHRIWKRVHSLHFHVRIUHVHDUFK,ORYH/LNH FKRFRODWHPDNHV\RXKDSS\ RU EORQGHVKDYHPRUH IXQ 1RZLW V FKLOGKRRGLVOHVVFDUHIUHHWKDQLWXVHGWREH 1RUHDOO\"  6WXGLHVKDYHVKRZQIRUVRPHWLPHWKDWZH UHQRWJHWWLQJKDSSLHUDVZHJHWULFKHUt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t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‹UCLES 2013

&RQVLGHUWKH HYLGHQFH WKDWWKHDXWKRUFLWHV 2YHUWKHODVWKDOIFHQWXU\ZH YHDFTXLUHGWZLFHDV PXFKPRQH\DQGDORWPRUHPLVHU\  UGVHQWHQFHSDUDJUDSK $VVXPLQJWKLVLVFRUUHFWZKLFK RIWKHIROORZLQJGRHVLWPRVWUHOLDEO\VXSSRUW"   $OVRLQSDUDJUDSKZKLFK LIHLWKHU RIWKHIROORZLQJLVDQDVVXPSWLRQUHTXLUHGE\WKHDUJXPHQW DWWULEXWHGWRWKHSV\FKRORJLVW'DQLHO.DKQHPDQ"  3HRSOHZKRZRUNVKRUWHUKRXUVZLOOJLYHPRUHWLPHWRWKHLUFKLOGUHQ  )DLOLQJWRDFKLHYHZHDOWKDQGVXFFHVVGRHVQRWFDXVHVWUHVV   :KDW FKLOGUHQ FDUHDERXWPRVWLVUHODWLRQVKLSV  SDUDJUDSK  :KLFKRQHRIWKHIROORZLQJEHVWGHVFULEHVWKHHYLGHQFHWKDWLVRIIHUHGLQWKHUHPDLQGHURI SDUDJUDSKIRUWKHDERYHFRQFOXVLRQ"   $:H UHQRWQHFHVVDULO\JHWWLQJKDSSLHUDVZHJHWULFKHU %:HDOWKVKRXOGEULQJHDVHDQGVHFXULW\ &&KLOGUHQLQSDUWLFXODUVKRZWKDWPDWHULDOZHOOEHLQJLQFUHDVHVGHSUHVVLRQDQGDQ[LHW\ '/HVVZHDOWKZRXOGPDNHFKLOGUHQ VOLYHVKDSSLHU  $RQO\ %RQO\ &%RWKDQG '1HLWKHUQRU  $FRQFOXVLYH %DQHFGRWDO &VWDWLVWLFDO 'LUUHOHYDQW (KHDUVD\ >7XUQ2YHU 7 ‹UCLES 2013

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‹UCLES 2013

7KHUHKDVEHHQDJUHDWGHDORIUHVHDUFKLQWRWKHXVHRISODFHERVDQGZKLOVWLWUHPDLQVXQFOHDUZK\ WKH\ZRUNWKHUHVHDUFKFOHDUO\VKRZVWKDWSODFHERVFDQKDYHDSRZHUIXOHIIHFW3ODFHERVSUHVHQW LQVRPHFDVHVDQLGHDOWKHUDS\WKH\DUHFKHDSDQGKDYHIHZRUQRVLGHHIIHFWV7KRVHZKRDUJXH WKDWWKHSUHVFULSWLRQRIDSODFHERUHSUHVHQWVDEUHDFKRISDWLHQWGRFWRUWUXVWVKRXOGUHFRJQLVHWKDW ZKLOVWSODFHERVPD\QRWFRQWDLQDQ\DFWLYHLQJUHGLHQWVDGRFWRUPD\SUHVFULEHRQHLQWKHJHQXLQH KRSHWKDWWKLVZLOORIIHUWKHLUSDWLHQWDUHDOWKHUDSHXWLFEHQHILW,QWKHLQWHUHVWVRISURYLGLQJWKHPRVW GHVLUDEOHRXWFRPHVLWLVFOHDUWKDWSODFHERVVKRXOGEHXVHGDVDWUHDWPHQWRIIHUHGE\WKH1+6 :KLFKRQHRIWKHIROORZLQJSULQFLSOHVFDQEHEHVWXVHGWRVXSSRUWWKHDERYHDUJXPHQW" 7KHIRXUGLJLWVRIWKH3,1IRUP\FUHGLWFDUGDUHDOOGLIIHUHQW:KHQWKHGLJLWVDUHZULWWHQDVZRUGV WKH\DUHLQDOSKDEHWLFDORUGHUDQGWKHWRWDOQXPEHURIOHWWHUVLVWKHVDPHDVWKHQXPHULFDOVXPRI WKHGLJLWVWKHPVHOYHV  7KHILUVWGLJLWRIP\3,1LVIRXUDQGWKHODVWGLJLWLV]HUR :KDWLVWKHWRWDOQXPEHURIOHWWHUVWKDWPDNHXSWKHRWKHUWZRGLJLWV"  $'RFWRUVVKRXOGXVHRQO\WUHDWPHQWVWKDWWKH\NQRZZLOOZRUN %'RFWRUVVKRXOGQRWXVHWUHDWPHQWVWKDWFDXVHKDUPWRWKHLUSDWLHQWV &'RFWRUVVKRXOGQRWPLVOHDGWKHLUSDWLHQWV ''RFWRUVVKRXOGRIIHUWUHDWPHQWVRQWKHEDVLVRIWKHRXWFRPHIRUWKHSDWLHQW ('RFWRUVVKRXOGXVHRQO\WUHDWPHQWVWKDWDUHSURYHQ  $ % & ' ( ) >7XUQ2YHU 9 ‹UCLES 2013

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z -HQQ\ VDQG$OLFH VELUWKGD\VDUHPRQWKVDSDUW z $OLFH VDQG0LFKDHO VELUWKGD\VDUHPRQWKVDSDUW +RZIDUDSDUWDUH-HQQ\ VDQG0LFKDHO VELUWKGD\V"  $,PSURYHGSHUIRUPDQFHLQH[WUHPHVSRUWVGRHVQRWOHVVHQWKHULVNRIGHDWK %0RVWSHRSOHZDQWWRHVFDSHIURPWKHPRGHUQREVHVVLRQZLWKVDIHW\DWZRUN &%\FODLPLQJWRHQKDQFHVDIHW\VSRUWVHTXLSPHQWGHVLJQHUVPHUHO\HQFRXUDJHULVNWDNLQJ '7KHSRSXODULW\RIH[WUHPHVSRUWVPHDQVWKDWVSRUWLVVRPHWLPHVDVHULRXVPDWWHU  $PRQWK %PRQWKV &PRQWKV 'PRQWKV (PRQWKV )PRQWKV *PRQWKV 10 ‹UCLES 2013

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‹UCLES 2013

4XHVWLRQV±UHIHUWRWKHIROORZLQJLQIRUPDWLRQ  7KHIRXUFRORXUWKHRUHPVWDWHVWKDWDQ\PDSLQWKHSODQHFDQEHFRORXUHGXVLQJDWPRVWIRXUFRORXUV VXFKWKDWQRHGJHKDVWKHVDPHFRORXURQERWKVLGHV7KHPDSRIDQLVODQGEHORZVKRZVWKHVLPSOHVW FRQILJXUDWLRQZKLFKQHHGVIRXUFRORXUVUHG 5 JUHHQ * \HOORZ

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‹UCLES 2013

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‹UCLES 2013

7KHIORRURIDURRPLQP\KRXVHLVFRYHUHGZLWKWLOHVWRIRUPDQE\VTXDUH  +RZPDQ\GLIIHUHQWW\SHVRILQGLYLGXDOWLOHDUHWKHUHRQWKLVIORRU"  $ % & ' ( >7XUQ2YHU 15 ‹UCLES 2013

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±HQFRXUDJLQJ µUHVSRQVLEOHGULQNLQJ¶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‹UCLES 2013

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µ

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‹UCLES 2013

7KHQHWVKRZQEHORZFDQEHIROGHGWRPDNHDFXEH  :KLFKRIWKHIROORZLQJDUHSRVVLEOHYLHZVRIWKHFXEHWKDWFDQEHPDGHIURPWKHQHWDERYH"   $ % & ' ( ) >7XUQ2YHU 19 ‹UCLES 2013

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‹UCLES 2013

$JURXSRIWHQWHHQDJHUVDWWHQGLQJDSDUW\PHDODUHHDFKJLYHQDFDUGQXPEHUHGIURPWRDV WKH\DUULYHDWWKHYHQXH7KHFDUGLVWREHXVHGWRILQGWKHLUSODFHVDWWKHWDEOHZKHQLWLVWLPHIRU WKHPHDO6RPHRIWKHSODFHVDWWKHWDEOHDOUHDG\KDYHWKHQXPEHUVVKRZLQJEXWWKHWHHQDJHUV KDYHWRVROYHWKHSUREOHPRIZKHUHWKHUHVWRIWKHPVKRXOGVLWLQRUGHUWRPHHWDOLVWRIFULWHULDJLYHQ WRWKHPE\WKHLUKRVW7KHSDUWLDOVHDWLQJSODQLVVKRZQEHORZ  7KHUHPDLQLQJJXHVWVPXVWVLWLQSODFHVVXFKWKDWWKHVXPRIDQ\IRXUSODFHQXPEHUVWKDWIDOOLQD VWUDLJKWURZPDNHV :KDWZLOOEHWKHQXPEHURIWKHSHUVRQVLWWLQJRSSRVLWHQXPEHU"  $ % & ' ( >7XUQ2YHU 21 ‹UCLES 2013

 4XHVWLRQV±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‹UCLES 2013

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±\HDUVROG)LUVWVLJQVRISV\FKRVLVDSSHDUZKHQ SDWLHQWVDUH±\HDUVROG (:KHQUHIHUUHGIRUPHGLFDOKHOSSDWLHQWVWHQGWRGHQ\ERWKFDQQDELVXVHDQGV\PSWRPVR I SV\FKRVLV >7XUQ2YHU 23 ‹UCLES 2013

                     %/$1.3$*( 24 ‹UCLES 2013