How do I solve such questions on paramagnetism and ferromagnetism?
I believe GATE is a university entrance exam in India, so they will not expect you to solve an extremely complicated equation to predict ferromagnetism or to memorize an infinite list of substances. Sadly, there is some element of rote memorization still lingering like a pest in the educational testing system.

Good news for you is that relatively few compounds and metals show ferromagnetism or ferrimagnetism. Find out the list of ferromagnetic metals from the web, you might end up with very few elements and oxides, such as iron compounds, iron oxide containing materials. Later you can attempt the multiple choice questions by the process of elimination. For example, in the given choices, choose the answers which show that magnetite is ferrimagnetic.

Lo and behold, there is only ONE choice which matches with Q-3!