The time period \( T \) of a satellite revolving close to the earth is given by:
\[
T = 2\pi R^a g^b
\]
where:
- \( R \) is the radius of the earth,
- \( g \) is the acceleration due to gravity.
Now, the acceleration due to gravity \( g \) at a distance \( R \) from the center of the earth is given by the formula:
\[
g = \frac{GM}{R^2}
\]
where:
- \( G \) is the universal gravitational constant,
- \( M \) is the mass of the earth,
- \( R \) is the radius of the earth.
Substitute this expression for \( g \) into the equation for \( T \):
\[
T = 2\pi R^a \left(\frac{GM}{R^2}\right)^b = 2\pi R^a \cdot \frac{(GM)^b}{R^{2b}} = 2\pi \cdot (GM)^b \cdot R^{a - 2b}
\]
For the time period to be dimensionally correct, the exponents of \( R \) and the constants must match the dimensions of time. By equating the powers of \( R \) and \( g \), we find that:
- \( a - 2b = \frac{1}{2} \),
- \( b = -\frac{1}{2} \).
Thus, solving for \( a \) and \( b \), we get:
\[
a = \frac{1}{2} \quad {and} \quad b = -\frac{1}{2}.
\]
Thus, the correct answer is option (B), \( \frac{1}{2} \) and \( -\frac{1}{2} \).