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Statement 1 is sufficient, but I think it's too hard a question for the GMAT. If we have a number 2^n - 1, and n is not prime, then we can write n = ab, where a and b are integers greater than 1. Then we can factor 2^(ab) - 1, as follows:
So this number will never be prime, and so Statement 1 can only be true if p is prime.
Statement 1 does not seem to be consistent with Statement 2; if p^2 - 12 has an odd number of factors, then p^2 - 12 is a perfect square, so p^2 - 12 and p^2 are both perfect squares. That means p^2 is 16, since 4 and 16 are the only squares 12 apart, but then p = 4, which contradicts Statement 1.
So each statement is sufficient alone, but they produce contradictory answers (and contradictory values of p), so the question is badly designed, and is too hard for the GMAT anyway.
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