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EXAME NACIONAL DE SELEO 2005

PROVA DE INGLS

2 Dia: 21/10/2004 - QUINTA FEIRAHORRIO: 10h 30 ! 12h 4" #h$%&%i$ '( )%a!*+ia,

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EXAME NACIONAL DE SELEO 2005

2o Dia: 21/10 (Quinta-feia! " Man#$ " 10# %0 &' 12# 5 -

IN)L*S

In'tu+,e'

1. Este ADERNO constitudo de .i(questes objetivas.

2. Caso o ADERNO esteja incompleto ou tenha qualquer defeito, o(a candidato(adever! solicitar ao fiscal de sala mais pr"#imo que o substitua.

$. %as questes do tipo &, recomenda'se no marcar ao acaso) cada item cuja resposta

divirja do *abarito oficial acarretar! a perda de n

1

ponto, em que n o n+mero de itensda questo a que pertena o item, conforme consta no -anual do Candidato.

. /urante as provas, o(a candidato(a no dever! levantar'se ou comunicar'se comoutros(as candidatos(as.

0. /urante a realiao das provas terminantemente proibida a utiliao de telefonecelular ou pa*er. s aparelhos devem ficar desli*ados e fora de alcance, enquanto ocandidato permanecer no local de prova.

3. & durao da prova de 'a! h$%a! ( .i( i$!, j! includo o tempo destinado4 identificao 5 que ser! feita no decorrer das provas 5 e ao preenchimento daFOLHA DE RESPOSTAS.

6. /urante a realiao das provas $ permitida a utiliao de calculadora ouqualquer material de consulta.

7. & desobedi8ncia a qualquer uma das recomendaes constantes nas presentes9nstrues, na FOLHA DE RASUNHOe na FOLHA DE RESPOSTASpoder! implicara anulao das provas do(a candidato(a.

:. ;" ser! permitida a sada de candidatos, levando o Caderno de

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padro apresentado no &anual do

candidato 'p(gina 22)$ 1/11/2004 *ntrega do resultadoda parte objetiva do *+a&e aos entros$

1;/11/2004 -ivulgao do resultadopela .nternet, nos sitesacima citados.

OSE.AES:

Em nenhuma hip"tese a &%

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EXAME NACIONAL DE SELEO 2005

2o Dia: 21/10 (Quinta-feia! " Man#$ " 10# %0 &' 12# 5 -

IN)L*S

%as questes de 1a 1", marque, de acordo com o comando de cada uma delas) itensVERDADEIROSna coluna V> itens FALSOSna coluna F.

?se a FOLHA DE RASUNHO para as devidas marcaes e, posteriormente, aFOLHA DE RESPOSTAS.

@&;E/ % A?B 9%EB

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;peculation Mhich is a beneficial, indeed vital, component of the capitalistprocess has come to dominate the sOstem to an unhealthO de*ree. o repeat PeOnesQsMarnin* from the 1:$Ts) UMhen the capital development of a countrO becomes a bO'productof the activities of a casino, the job is liNelO to be ill'done.R -omentum tradin*, trend'folloMin* speculators, overlevera*ed hed*e funds, and corporate mana*ements obsessedMith dailO fluctuations in share quotations are unliNelO to produce the optimal distribution ofscarce resources in the *lobal economO. He have reached PeOnesQs Uthird de*ree.R

QUESTION 02

The text leads to the conclusion that speculation

S is a ital component of the capitalist process;

has always dominated the capitalist system;

is harmful to capitalism;

may be either good or bad! "t is a matter of degree; and it depends upon the circumstances;

is a by#product of the actiities of a casino.

QUESTION 03

According to the text, Keynes$ concept of %third degree&

S is ill#defined;

is undefined;

refers to situations in which speculation distorts resources allocation globally;

occurs when corporate decision making is oriented by momentum trends;

is reached when society$s economic decision making process is tainted by speculation.

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Iovernments have frequentlO attempted to control speculation bO outlaMin* itstools and practices. Aet on each occasion, speculators have found MaOs to circumventre*ulations. heO have also interpreted laMs a*ainst speculation as a si*n of MeaNness onthe part of *overnments, Mhich has caused them to step up their activities. PeOnes

MhimsicallO proposed that speculation mi*ht be discoura*ed if people Mere forced to maNeinvestments, liNe marria*e, for life (a solution Mhich Mould have produced a lifetime offrustration for those unfortunate enou*h to maNe a poor initial choice. -ore seriouslO, heconsidered a penal rate of capital *ains ta# on short'term holdin*s. &s Me have seen,hoMever, hi*h rates of capital *ains ta# on short'term propertO investments in Kapan actuallOstimulated the oNOo propertO boom in the 1:7Ts bO reducin* liquiditO in the marNet. 9t isar*uable that ta#es on capital *ains actuallO contribute to stocN marNet bubbles sinceinvestors Mith lar*e profits become reluctant to sell even Mhen theO believe stocNs areovervalued. PeOnes also su**ested that a transaction ta# be levied on ?.;. share purchaseson the *rounds that Ucasinos should, in the public interest, be inaccessible and e#pensive.R

QUESTION 0"According to the text, goernments

S hae consistently failed in their attempts to control speculation,

outlawed speculation;

are too weak to bring speculators under heel;

hae often tried to outsmart speculators;

hae often tried to harness speculation by making its tools and practices illegal .

QUESTION 0=

*ith regards to Keynes$s proposals to discourage speculation, the following statements are

true!

S The proposals were made on a whim.

The proposals were thoroughly thought out.

The suggestion that a transaction tax be leied on +.. share purchases rests on moral

grounds.

-apital gains on short term holdings should be heaily taxed.

"t is not a settled issue that a tax on capital gains is capable of thwarting stock market

bubbles.

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;everal economists ar*ue that central banNers should consider asset pricesalon* Mith consumer prices in their inflation tar*ets. he problem Mith this su**estion is thatnobodO can prove definitivelO that share prices are risin* because of speculative pressure

rather than a *enuinelO improved outlooN. &s &lan Ireenspan asNed in /ecember 1::3,UhoM do Me NnoM Mhen irrational e#uberance has undulO escalated asset valuesVR nlO inretrospect does the ansMer to this question become clear.

QUESTION 09

According to the text!

/nly in retrospect it is possible to tell whether escalated asset alues are due to

speculatie pressure or to improed economic outlook.

0onetary policy should be used to curb unduly escalation of asset prices. uch is the

suggestion of seeral economists.

or Alan 2reenspan, it is impossible to tell whether markets are irrationally exuberant.

-entral bankers cannot fight speculatie bubbles because they can$t tell a speculatie

bubble from soundly based hikes in asset alues.

eeral economists suggest that inflation indices should encompass assets prices.

Durthermore, the central banNerQs main tool for controllin* speculation is raisin*interest rates. &s lon* as speculators continue to anticipate lar*e profits from capital *ainstheO are not deterred bO hi*h interest rates. &nd, as PeOnes observed in the 1:$Ts, raisin*

interest rates to control speculation at the end of the business cOcle dama*es the MholeeconomO. he onlO other tool left to central banNers is to issue Marnin*s to speculators todesist from their activities 5 Mhat Mas called Umoral suasionR in the 1:2Ts. ime and timea*ain, such Marnin*s have been made bO authorities and on no occasion have speculatorsheeded a Mord.

QUESTION 0

According to the text!

S -entral bankers lack efficient enough tools for controlling speculation.

0oral suasion could be more effectie if the authorities pay heed to Keynes$ adice.

3aising interest rates for controlling speculation is a futile exercise if expected capital

gains are high.

2oernments should use %moral suasion& to deter speculatie behaior.

-onsistently, speculators are undaunted by warnings made by authorities that they should

desist from their actiities.

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/urin* the Ireat /epression, &merican policOmaNers decided thatspeculation Mas best controlled bO limitin* the speculatorsQ access to financial levera*e. &s aresult, mar*in loans Mere limited bO federal laM to 0T percent of stocN values. his policO hassince broNen doMn Mith the advent of financial derivatives, as the case of GC-demonstrates in e#tremis. (%ote) GC- stands for Gon*'erm Capital -ana*ement, a nearlObanNrupt hed*e fund bailed out bO the Dederal Beserve @anN of %eM AorN in 1::7. 9t hasrecentlO been proposed that derivatives should be subject to the same mar*in limits asconventional stocN purchases. Bestrictions on speculatorsQ abilitO to achieve almost limitlesslevera*e throu*h the derivatives marNet mi*ht lessen the risN of sOstemic crisis in thefinancial Morld. 9mproved information in the almost unre*ulated derivatives Morld Mould alsohinder e#cessive accumulation of debt, such as occurred at GC-.

QUESTION 0;

According to the text, 4epression 5ra policy of limiting speculators$ access to financial

leerage

S has since become ineffectie;

has been oerturned by new legislation;

should be extended to include financial deriaties;

may be improed through the spread of releant information;

justifies leaing the deriaties markets unfettered.

he issue of speculation in emer*in* marNets and the unfettered trade inforei*n currencies is the most immediate and ve#in* problem faced bO policOmaNers.

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here have been a number of proposals, of varOin* de*ree of practicalitO, abouthoM best to deal Mith the problem of forei*n currencO instabilitO. he reintroduction of capitalcontrols, controls on forei*n borroMin*, improved accountancO and less cronOism onemer*in* marNets, a ta# on capital infloMs into emer*in* marNets, a ta# on forei*n e#chan*etransactions, controls on hed*e funds, the reform of the 9nternational -onetarO Dund so itcan perform effectivelO the function of the lender of the last resort, and even theestablishment of a Morld central banN are amon* the ideas floated bO policOmaNers Mhoappeared Mron*'footed bO the une#pected appearance of Morld financial crisis. /ominique;trauss'Pahn, the Drench finance minister, has called for the construction of a UneM @rettonHoods.R

QUESTION 11

According to the text, the proposals to deal with the problem of foreign currency instability

S are mutually inconsistent;

are impractical;

hae generally been floated by policymakers surprised by the appearance of worldfinancial crisis;

are prejudiced against emerging markets;

include the reenactment of certain )retton *oods$ clauses, e.g., the fixed exchange rates

regimen.

&lthou*h a neM sOstem of fi#ed currencies Mould necessitate a de*ree ofcapital controls, there is no evidence that this Mould actuallO inhibit economic *roMth. 9n fact,the *roMth rates of Hestern nations have actuallO declined since the earlO 1:6Ts.

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QUESTION 13The following statements are true!

S The fact that growth rates of *estern nations hae declined since the early 1789s ispresented as eidence that fixed currencies inhibit growth.

4eriaties could be allowed to wither on the wine without posing further threats to

consumers$ welfare.

"f the expression %fixed exchange rate among the 5uropean countries& had been used in

lieu of %5uropean single currency& the text$s meaning would hae been unaltered.

4eriaties markets offer a mechanism through which businesses can hedge their trade

operations.

The fixed currency system is likened to the nineteenth century gold standard.

Hhen the tide turns a*ainst the speculator there is an inevitable loss of libertO. 9nThe "oad to #erfdom(first published in 1::, the &ustrian economist Driedrich von aOeNdeclared that state control of forei*n e#chan*e dealin* Mas a Udecisive advance on the pathto totalitarianism and the suppression of the individual libertO.R aOeN believed that from ami#ed economO there Mould be an inevitable pro*ression to socialism. istorO has provedaOeN Mron*. is analOsis underestimated the poMer of speculation, even in quasi'socialisteconomies, to pull in the opposite direction. ;peculation undermined the @retton HoodssOstem of fi#ed currencies and, more recentlO, it has destroOed the state'mana*edcapitalism of Kapan and other &sian nations. &s an anarchic force, speculation demandscontinuin* *overnment restrictions, but inevitablO it Mill breaN anO chains and run amoN. hependulum sMin*s bacN and forth betMeen economic libertO and constraint.

QUESTION 14According to :ayek,

S any moe to curb speculation implies loss of indiidual freedom;

the )retton *oods system of fixed currency is clearly superior to the flexible exchange

rate regimen;

the power of speculation cannot be underestimated;

a mixed economy is a step in the direction of socialism;

the pendulum swings back and forth between economic liberty and constraint.

QUESTION 1"According to the text, speculation

S destroyed the state#managed crony economies of apan and other Asian nations;

had the power to pull