FGV – 2016 – VESTIBULAR – 1º SEMESTRE – ECONOMIA – LÍNGUA INGLESA – FUNDAÇÃO GETÚLIO VARGAS – PROVA COM GABARITO.

❑ PROVA DE LÍNGUA INGLESA: FGV-ECONOMIA/SP-2016-VESTIBULAR 1º SEMESTRE-22/11/2015.

https://vestibular.fgv.br/

❑ ESTRUTURA-PROVA:

➭ 15 Multiple Choice Questions / 4 Options Each Question.

➭ Text (1) – | A Housing Meltdown Looms in Brazil as 
Builders Seek Debt Relief | www.bloomberg.com |

➭ Text (2) – | China has created a monster it can’t control | www.telegraph.co.uk |

❑ TEXT 1: Read the text and answer questions 76 through 80.

A Housing Meltdown Looms in Brazil as

Builders Seek Debt Relief

by Julia Leite and Paula Sambo

August 26, 2015 

1

Not long ago, Brazil’s real-estate market was one of the biggest symbols of the country’s burgeoning economic might. Now, it’s fallen victim to an ever-deepening recession.
2
PDG Realty SA, once the largest homebuilder by revenue, hired Rothschild last week to help restructure 5.8 billion reais ($1.6 billion) of debt after second-quarter net sales sank 88 percent. Earlier this month, Rossi Residencial SA, which has 2.5 billion reais in debt, also brought in advisers to “restructure operations and review strategies.” Since 2010, the builder has lost 99 percent of its stock-market value.
3
The real-estate industry, which is equal to about 10 percent of Brazil’s economy, is emerging as one of the latest casualties of a recession that analysts forecast will be its longest since the 1930s. To make matters worse, interest rates are the highest in almost a decade while inflation is soaring.
4
“There is no real estate company that survives without sales,” Bruno Mendonça Lima de Carvalho, the head of fixed income at Guide Investimentos SA, said from Sao Paulo. “You can’t import or export apartments. You’re relying solely on domestic activity.”
5
PDG tried to boost revenue by lowering prices, financing up to 20 percent of some home purchases and even offering to buy back apartments if banks deny financing. Still, it sold just 217 units in the second quarter on a net basis, compared with 1,749 in 2014.
Negative Outlook
6
On Friday, Moody’s Investors Service cut PDG’s rating three levels to Caa3, citing the possibility of significant losses for bondholders and other lenders. Secured creditors may recover less than 80 percent in a default, according to Moody’s, which kept a negative outlook on the rating. “The company is facing additional liquidity pressures from a prolonged deterioration in industry dynamics, including weak sales speed, tight financing availability and declining real estate prices,” Moody’s said.
7
Sao Paulo-based Rossi said in an e-mailed response to questions that second quarter sales improved and that the company’s main focus is to reduce debt. Gross debt fell about 30 percent in the 12 months ended in June, Rossi said.
8
Home sales in Latin America’s biggest economy tumbled 14 percent in the first half of 2015, according to data from the national real estate institute. Builders cut new projects by 20 percent during that span, while available financing shrank by about a quarter.
Real’s Collapse
9
That’s a reversal from just two years ago, when realestate prices in places like Rio de Janeiro and Sao Paulo had surged as much as 230 percent as rising incomes, a soaring real and record-low borrowing costs ignited a wave of home buying.
10
Brazilians find themselves in drastically different circumstances today. The currency fell 0.4 percent Wednesday as of 3:25 p.m. in New York, extending its loss this year to 26 percent. The jobless rate climbed to a five-year high of 7.5 percent last month.
11
The central bank boosted its key rate to 14.25 percent in July, making it ever more expensive to finance the purchase of a home. “It’s a matter of demand, and demand is really weak,” Will Landers, who manages Latin American stocks at BlackRock, said from Princeton, New Jersey. “We may have reached a peak in interest rates, but they should continue to be at these levels for a while. Consumers will stay on the sidelines because debt levels are still high, and employment will get worse.”

(Business Week at www.bloomberg.com/news

 Adapted)
👉 Questão  76 :
According to the block comprising the first four paragraphs,
(A) despite the recent recession in Brazil, the real-estate industry still represents one of the main economic powerhouses in the country.
(B) real estate businesses in Brazil are currently in their lowest position in relation to the economy of the country as a whole since the 1930s.
(C) there is a marked contrast in the economic situation of the Brazilian real-estate industry today if compared to just a few years ago.
(D) banks and real estate businesses are working together to try to offset the present crisis in the industry which Brazil is going through.
(E) the real-estate industry as a whole in Brazil has sold less than 300 properties in the first half of the current year of 2015.

R E S P O S T A :   C

• De acordo com o bloco que compreende os primeiros quatro parágrafos,

(A) despite the recent recession in Brazil, the real-estate industry still represents one of the main economic powerhouses in the country.

• apesar da recente recessão no Brasil, o setor imobiliário ainda representa uma das principais potências econômicas do país.
(B) real estate businesses in Brazil are currently in their lowest position in relation to the economy of the country as a whole since the 1930s.

• os negócios imobiliários no Brasil estão atualmente em sua posição mais baixa em relação à economia do país como um todo desde a década de 1930.
(C) there is a marked contrast in the economic situation of the Brazilian real-estate industry today if compared to just a few years ago.

• há um contraste marcante na situação econômica do setor imobiliário brasileiro hoje em comparação com apenas alguns anos atrás.
(D) banks and real estate businesses are working together to try to offset the present crisis in the industry which Brazil is going through.

• bancos e empresas do setor imobiliário estão trabalhando juntos para tentar compensar a atual crise do setor que o Brasil atravessa.
(E) the real-estate industry as a whole in Brazil has sold less than 300 properties in the first half of the current year of 2015.

• o setor imobiliário como um todo no Brasil vendeu menos de 300 imóveis no primeiro semestre deste ano de 2015.
👉 Questão  77 :
The third paragraph implies that
(A) with the high interest rates prevailing in the country, most people can’t buy real estate.
(B) the present inflation rate has not been experienced in Brazil since the first half of the twenty century.
(C) the real-estate industry is not dealing in the exporting market due to the high inflation rates Brazil is currently going through.
(D) when the domestic market is not operating properly, the real-estate industry should aim at the foreign markets.
(E) high inflation rates are a casualty of the weak business market in the real-estate industry in Brazil.

R E S P O S T A :   A

• O 3º parágrafo sugere que...

(A) with the high interest rates prevailing in the country, most people can’t buy real estate.

• com as altas taxas de juros prevalecentes no país, a maioria das pessoas não pode comprar um imóvel.
(B) the present inflation rate has not been experienced in Brazil since the first half of the twenty century.

• a atual taxa de inflação não é experimentada no Brasil desde a primeira metade do século vinte.
(C) the real-estate industry is not dealing in the exporting market due to the high inflation rates Brazil is currently going through.

• o setor imobiliário não está atuando no mercado exportador devido às altas taxas de inflação que o Brasil está atravessando atualmente.
(D) when the domestic market is not operating properly, the real-estate industry should aim at the foreign markets.

• quando o mercado interno não está operando adequadamente, o setor imobiliário deve visar o mercado externo.
(E) high inflation rates are a casualty of the weak business market in the real-estate industry in Brazil.

• as altas taxas de inflação são uma consequência do fraco mercado de negócios no setor imobiliário no Brasil.
👉 Questão  78 :
The evaluation of the real-estate company by Moody’s, as explained in the fifth paragraph,
(A) points out that its creditors will only receive 80% of what they invested this year.
(B) cut the company from stock exchange dealings causing losses for bondholders.
(C) reflects the fact that manufacturing activity in Brazil is harming other businesses.
(D) predicts that the company it is evaluating will close down within this calendar year.
(E) implies that the situation the company is in at this moment is not its own fault.

R E S P O S T A :   E

• A avaliação da empresa imobiliária pela Moody's, conforme explicado no quinto parágrafo,

(A) points out that its creditors will only receive 80% of what they invested this year.

• sinaliza que seus credores receberão apenas 80% do que investiram neste ano.

(B) cut the company from stock exchange dealings causing losses for bondholders.

• cortou a empresa das negociações na bolsa de valores, causando perdas para os detentores de títulos.
(C) reflects the fact that manufacturing activity in Brazil is harming other businesses.

• reflete o fato de que a atividade fabril no Brasil está prejudicando outros negócios.
(D) predicts that the company it is evaluating will close down within this calendar year.

• prevê que a empresa que está avaliando fechará neste ano civil.
(E) implies that the situation the company is in at this moment is not its own fault.

• implica que a situação em que a empresa se encontra neste momento não é culpa dela.
👉 Questão  79 :
Rossi, one of the real-estate businesses mentioned in the article,
(A) lost 30% of its net value in the last calendar year.
(B) states that its situation has been improving recently.
(C) has stopped selling in order to focus on reducing its debt.
(D) seems to share exactly the same problems as PDG Realty S/A.
(E) stopped trading its stock in the market in 2010.

R E S P O S T A :   B

• A Rossi, uma das imobiliárias citadas na reportagem,

(A) lost 30% of its net value in the last calendar year.

• perdeu 30% do valor líquido no último ano-calendário.
(B) states that its situation has been improving recently.

• afirma que sua situação tem melhorado recentemente.
(C) has stopped selling in order to focus on reducing its debt.

• parou de vender para focar na redução do endividamento.
(D) seems to share exactly the same problems as PDG Realty S/A.

• parece ter exatamente os mesmos problemas da PDG Realty S/A.
(E) stopped trading its stock in the market in 2010.

• deixou de negociar suas ações no mercado em 2010.
👉 Questão  80 :
Two years before the article was written, sales in real estate were high due to a few different reasons, among which was/were
(A) Brazilian currency devaluation.
(B) 230% rise in most people’s income.
(C) boost of Central Bank key rate.
(D) low interest rates from banks.
(E) climbing number of jobless individuals.

R E S P O S T A :   D

• Dois anos antes de o artigo ser escrito, as vendas de imóveis eram altas devido a alguns motivos diferentes, entre os quais estava / estavam...

(A) Brazilian currency devaluation.

• Desvalorização da moeda brasileira.
(B) 230% rise in most people’s income.

• aumento de 230% na renda da maioria das pessoas.
(C) boost of Central Bank key rate.

• aumento da taxa básica do Banco Central.
(D) low interest rates from banks.

• baixas taxas de juros dos bancos.
(E) climbing number of jobless individuals.

• aumento do número de desempregados.

❑ TEXT 2: Read the text and answer questions 81 through 90

China has created a monster it can’t control

By Jeremy Warner 

3 Sep 2015 

1

When in trouble, shoot the messenger. This timehonoured approach to dealing with unwelcome news was much in evidence in China this week when nearly 200 people were rounded up and criminally charged with spreading “false” rumours about the stock market and the economy, or otherwise profiting from their travails.
2
One luckless financial journalist was ritually paraded on state TV, tearfully confessing his “crimes”. Meanwhile, the head of the Chinese desk of one London-based hedge fund group was summoned to a “meeting” with regulators, and hasn’t been heard of since. Her Chinese husband says “she’s gone on holiday”. We can only hope it is not to the re-indoctrination of the asbestos mines. Despite the massive progress of recent decades, old habits die hard.
3
China was meant to have embraced free market reform, yet these latest actions suggest an altogether different approach. Roughly summarised, it amounts to: “Reform good, but woe betide the free market if it doesn’t do what the high command wants it to.” When the stock market was going up, the Chinese authorities were perfectly happy to tolerate what, to virtually all Western observers, looked like a dangerously speculative bubble, vaingloriously believing it to be a fair reflection of the wondrous successes of the Chinese economy.
4
The first rule of stock market investment – that share prices can go down as well as up – seems to have been almost wholly forgotten in the scramble for instant riches. When, inevitably, the stock market crashed, the authorities threw the kitchen sink at the problem, but they failed to halt the carnage.
5
This was an even ruder awakening – for it demonstrated to an already disillusioned public that policy-makers were no longer in control of events. Perhaps they hadn’t noticed, but there are today more Chinese with stock trading accounts – some 90 million – than there are members of the Communist Party – “just” 80 million. In any case, powerless before the storm, the authorities have instead turned to scapegoating.
6
Apparently more liberal, advanced economies, it ought to be said, are by no means averse to this kind of behaviour either. A few years back, Italian prosecutors charged nine employees of Standard & Poor’s and Fitch Rating with market abuse for daring to downgrade Italy’s credit rating, while it is still commonplace in France to blame Anglo-Saxon speculators and their cronies in the London press for any financial or economic setback.
7
Nor are Western governments and central bankers averse to a little market manipulation when it suits them. What is “quantitative easing” other than money printing to prop up asset prices, including stocks and shares? Chinese refusal to accept the judgments of “Mr Market”, it might be argued, is just a more extreme version of the same thing. Small wonder that European officials sometimes look longingly across at the state-directed capitalism practised in China, and pronounce it a model we might perhaps aspire to ourselves.
8
As recent events have demonstrated, we should not. China’s stock market crash is not the work of malicious financial journalists and short-selling hedge funds, but a signal of difficult time ahead and perhaps even of an economic roadcrash to come. After nearly 35 years of spectacular progress, the Chinese economy faces multiple challenges on many fronts which are not going to be solved by denying harsh realities and imprisoning journalists.
9
The progress of recent decades belies an industrial sector which in truth has become quite seriously uncompetitive by international standards. Many of China’s factories need completely retooling to keep up with developments in robotics and other forms of mechanisation. Yet if industry is to get less labour intensive, this only further steepens the challenge of employment creation.
10
It is reckoned that China needs to create some 20 million jobs a year just to keep pace with employment demand as the population shifts from land to town, eight million of them in high-end professions to cater for the country’s burgeoning output of graduates. China’s modernisation has created a monster which it is struggling to feed.
11
As the export-growth story waned, China compensated by unleashing a massive investment boom, which internal demand is now struggling to keep up with, rendering many of the country’s shiny new constructs uneconomic and overburdened with bad debts.
12
The Chinese leadership looks to growth in consumption and service industries to plug the gap, but these new sources of demand can’t do so without further free-market reform, which in turn requires further loosening of the shackles of political control. Without growth, the Communist Party loses its political legitimacy, yet the old growth model is broken, and to achieve a new one, the authorities must cede the very power and influence that sustains them. Rumour-mongering journalists and short-selling speculators can only be blamed for so long.

(http://www.telegraph.co.uk. Adapted)

👉 Questão  81 :
The information contained in the first two paragraphs implies that
(A) freedom of the press is one of the main causes for lax market control.
(B) false rumours spread by the media can really affect the markets.
(C) old habits in China have changed drastically over the last decades.
(D) the Chinese State refuses to accept the natural rules of market.
(E) meetings of market operators and government regulators are common in China.

R E S P O S T A :   D

• As informações contidas nos dois primeiros parágrafos dão a entender que...

(A) freedom of the press is one of the main causes for lax market control.

• a liberdade de imprensa é uma das principais causas do frouxo controle do mercado.
(B) false rumours spread by the media can really affect the markets.

• falsos boatos espalhados pela mídia podem realmente afetar os mercados.
(C) old habits in China have changed drastically over the last decades.

• os velhos hábitos na China mudaram drasticamente nas últimas décadas.
(D) the Chinese State refuses to accept the natural rules of market.

• o Estado chinês se recusa a aceitar as leis naturais do mercado.
(E) meetings of market operators and government regulators are common in China.

• reuniões de operadores de mercado e reguladores governamentais são comuns na China.
👉 Questão  82 :
The third paragraph points out to the fact that the Chinese government
(A) accepted that the stock market could be bullish forever, without any risks.
(B) made the rest of the world believe that the Chinese economy was market controlled.
(C) tolerated free market rules in China in order to prevent a speculative bubble.
(D) convinced Communist Party members that market economy was good for the country.
(E) nuliffied the effects of possible speculative bubbles developing in the economy.

R E S P O S T A :   B

• O 3º parágrafo aponta para o fato de que o governo chinês...

(A) accepted that the stock market could be bullish forever, without any risks.

• aceitou que o mercado de ações pudesse ser altista para sempre, sem riscos.
(B) made the rest of the world believe that the Chinese economy was market controlled.

• fez o resto do mundo acreditar que a economia chinesa era controlada pelo mercado.
(C) tolerated free market rules in China in order to prevent a speculative bubble.

• tolerou as leis do mercado livre na China, a fim de evitar uma bolha especulativa.
(D) convinced Communist Party members that market economy was good for the country.

• convenceu os membros do Partido Comunista de que a economia de mercado era boa para o país.
(E) nuliffied the effects of possible speculative bubbles developing in the economy.

• anulou os efeitos de possíveis bolhas especulativas se desenvolvendo na economia.
👉 Questão  83 :
The fourth paragraph shows that the Chinese administration
(A) tried to protect investments from the ups and downs of the market.
(B) was interested in making Party members each day richer by investing in the market.
(C) was able to control some of the effects of the market crash by using harsh measures.
(D) doesn’t know that there are more market investors than Party members in China.
(E) can’t actually control market factors in the economy of the country.

R E S P O S T A :   E

• The fourth paragraph shows that the Chinese administration

(A) tried to protect investments from the ups and downs of the market.
(B) was interested in making Party members each day richer by investing in the market.
(C) was able to control some of the effects of the market crash by using harsh measures.
(D) doesn’t know that there are more market investors than Party members in China.
(E) can’t actually control market factors in the economy of the country.
👉 Questão  84 :
In the last sentence of the fourth paragraph, the excerpt – the authorities have instead turned to scapegoating. – is used to show that the Chinese government
(A) wants to hide its blame for the economic problems in the country.
(B) are really keen on controlling the media in the country as a whole.
(C) will from now on control market investments more closely.
(D) is trying to lay the blame for its problems on the Western economies.
(E) must use an iron fist in order to have better control of the economy.

R E S P O S T A :   A

•

(A) wants to hide its blame for the economic problems in the country.
(B) are really keen on controlling the media in the country as a whole.
(C) will from now on control market investments more closely.
(D) is trying to lay the blame for its problems on the Western economies.
(E) must use an iron fist in order to have better control of the economy.
👉 Questão  85 :
The fifth and sixth paragraphs together show that
(A) European governments are extremely upset with the economic situation in China.
(B) state-directed capitalism is slowly being introduced in most Western economies.
(C) Western economies sometimes also act just like the Chinese are doing now.
(D) the free press in Western societies can really have a nefarious effect on the economy.
(E) both the Chinese and the European economies have more similarities than differences.

R E S P O S T A :   C

• The fifth and sixth paragraphs together show that

(A) European governments are extremely upset with the economic situation in China.
(B) state-directed capitalism is slowly being introduced in most Western economies.
(C) Western economies sometimes also act just like the Chinese are doing now.
(D) the free press in Western societies can really have a nefarious effect on the economy.
(E) both the Chinese and the European economies have more similarities than differences.
👉 Questão  86 :
In the excerpt from the sixth paragraph – European officials sometimes look longingly across at the state-directed capitalism practised in China – the use of the word “longingly” expresses and idea of
(A) extension.
(B) adequacy.
(C) difference.
(D) length.
(E) wish.

R E S P O S T A :   E

• No trecho do 6º parágrafo - European officials sometimes look longingly across at the state-directed capitalism practised in China (as autoridades europeias às vezes olham desejosamente para o capitalismo dirigido pelo Estado praticado na China) - o uso da palavra "longingly" expressa uma ideia de

(A) extension (extensão).
(B) adequacy (adequação).

(C) difference (diferença).

(D) length (comprimento).

(E) wish (desejo).

• "longingly"(desejosamente) expressa uma ideia de desejo.

👉 Questão  87 :
The seventh paragraph begins with the statement – As recent events have demonstrated, we should not. – which points out to the opinion of the author, meaning that he
(A) is extremely worried with the direction the Chinese economy is taking in recent times.
(B) thinks malicious journalists should be more tightly controlled even in Western countries.
(C) advises Western economies to take a different economic approach from that taken by China.
(D) considers hedge funds a major threat in free economies since they can manipulate markets to the extreme.
(E) believes that the challenges now faced by the Chinese economy are temporary and will not affect the West.

R E S P O S T A :   C

• The seventh paragraph begins with the statement – As recent events have demonstrated, we should not. – which points out to the opinion of the author, meaning that he

(A) is extremely worried with the direction the Chinese economy is taking in recent times.
(B) thinks malicious journalists should be more tightly controlled even in Western countries.
(C) advises Western economies to take a different economic approach from that taken by China.
(D) considers hedge funds a major threat in free economies since they can manipulate markets to the extreme.
(E) believes that the challenges now faced by the Chinese economy are temporary and will not affect the West.
👉 Questão  88 :
In relation to the job market, the eight and ninth paragraphs point to
(A) the advantages of labor intensive industries.
(B) efforts for industry modernization in China.
(C) a recent increase of robotics in China.
(D) a current paradox in the Chinese economy.
(E) the creation of more jobs by industry modernization.

R E S P O S T A :   D

• Em relação ao mercado de trabalho, o 8º e o 9º parágrafos apontam para...

(A) the advantages of labor intensive industries.
(B) efforts for industry modernization in China.
(C) a recent increase of robotics in China.
(D) a current paradox in the Chinese economy.
(E) the creation of more jobs by industry modernization.
👉 Questão  89 :
According to the tenth paragraph,
(A) internal demand in China had to be reduced in order to prioritize exports.
(B) China is facing economic woes as it has been exporting less than it used to.
(C) Chinese industry is having a hard time to keep up with booming internal demand.
(D) bad debts will be reworked as more construction is developed in the country.
(E) more investments will be needed if the exporting boom is to rebound.

R E S P O S T A :   B

• De acordo com o 10º parágrafo,

(A) internal demand in China had to be reduced in order to prioritize exports.
(B) China is facing economic woes as it has been exporting less than it used to.
(C) Chinese industry is having a hard time to keep up with booming internal demand.
(D) bad debts will be reworked as more construction is developed in the country.
(E) more investments will be needed if the exporting boom is to rebound.
👉 Questão  90 :
The last paragraph leads the reader to conclude that
(A) if China is to develop further, its government has to lessen its economic controls and lose some of its political power.
(B) the increase in internal consumption and in the service industries is the only way out for China to improve its economy.
(C) free-market reforms will never be achieved in China unless the government accepts a freer model for the press.
(D) the political power of the Communist Party is being somewhat threatened by the new type of journalism present in China.
(E) hedge funds and their short selling practices are likely to be controlled more carefully by the central power in China.

R E S P O S T A :   A

• O último parágrafo leva o leitor a concluir que...

(A) if China is to develop further, its government has to lessen its economic controls and lose some of its political power.
(B) the increase in internal consumption and in the service industries is the only way out for China to improve its economy.
(C) free-market reforms will never be achieved in China unless the government accepts a freer model for the press.
(D) the political power of the Communist Party is being somewhat threatened by the new type of journalism present in China.
(E) hedge funds and their short selling practices are likely to be controlled more carefully by the central power in China.