Hello DanielM208!
My apologies for the delay in response. I've addressed your two questions below.
The differences between the use of different comparisons tend to be idiomatic. In other words, they tend to be figures of speech and there are rules that can be memorized.
DanielM208 Wrote:
1) I guess that we ALWAYS have to use high/low whenever we talk about something that we cannot quantify, for example: low temperatures, high prices, etc.
If this is the case, then how come I have seen sentences that talk about chances (the chances of getting something) with the adjective 'small'?
i.e "the chances of winning the lottery are small" ? We cannot quantify chances, so why isn't it 'low' instead of 'small' ?
Can you provide more information about where you found your example?
The word chance can have different meanings based on usage. As it does in this example, chances could mean the probability of something happening. This is quantifiable, as you could say "I have one chance in one thousand of winning." When talking about probability, it's typical to use high/low language as you describe.
You could use chance as a synonym for opportunity, as in "I had the chance to travel to New York, so I took it."
DanielM208 Wrote:2) I know that the adjective 'big' is usually used to address something, an object, that we can physically assess and determine its size. For example: this chair is BIG. But I am a little bit confused when it comes to large vs great. Most of times, I use 'great' for things that I can't assess their size but their magnitude, impact, or effect. For example: "10 is greater than 5". However, it seems to me that 'large' falls in between big and great. Any guideline on big/large/great, please?
You are correct that large has a broader definition than big or great.
Example:
She is largely known for her leadership abilities. --> Largely here means "to a great extent."
The killer whale is an incredibly large animal. --> Large here means "of a great size."
I have never seen this distinction tested on the GMAT. The exam would be much more likely to test the correct usage of any of these words individually and their meaning in a giving sentence rather than force you to correctly compare them against one another.