Put down your calculator.

STRATEGY: When the GRE presents you with a computation-only question, there's often a hidden algebraic property that's being tested.
Of course, you can always solve the question by performing all of the calculations, but it's worth taking a moment to see if you can spot the algebraic property first.

In this case, we might recognize that the given expression 37² + (2)(37)(33) + 33² closely resembles the special product x² + 2xy + y²
When we compare the two expressions we see that x = 37 and y = 33

So, in the same way that x² + 2xy + y² = (x + y)²...
... we can also conclude that 37² + (2)(37)(33) + 33² = (37 + 33)² = (70)² = 4900

Answer: 4900

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