FGV EESP – 2015.1 – Língua Inglesa – Economia – Vestibular 1º Semestre – Escola de Economia de São Paulo

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•  FGV/VESTIBULAR-2015.1-PROCESSO SELETIVO-1º SEMESTRE-GRADUAÇÃO EM ECONOMIA-SP.

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❑ ESTRUTURA-PROVA:

• 15 MCQs (Multiple Choice Question) / 5 Options Each Question.

• Text (1) – | Argentina defaults – Eighth time unlucky | www.economist.com |

PROVA, TRADUÇÃO, GABARITO & MUITO VOCABULÁRIO

❑ TEXTO 1: Read the text and answer questions numbers 76 through 90

Argentina defaults – Eighth time unlucky

Cristina Fernández argues that her country’s latest default is different. She is missing the point.

Aug 2nd 2014

1

ARGENTINA’S first bond, issued in 1824, was supposed to have had a lifespan of 46 years. Less than four years later, the government defaulted. Resolving the ensuing stand-off with creditors took 29 years. Since then seven more defaults have followed, the most recent this week, when Argentina failed to make a payment on bonds issued as partial compensation to victims of the previous default, in 2001. Most investors think they can see a pattern in all this, but Argentina’s president, Cristina Fernández de Kirchner, insists the latest default is not like the others. Her government, she points out, had transferred the full $539m it owed to the banks that administer the bonds. It is America’s courts (the bonds were issued under American law) that blocked the payment, at the behest of the tiny minority of owners of bonds from 2001 who did not accept the restructuring Argentina offered them in 2005 and again in 2010. These “hold-outs”, balking at the 65% haircut the restructuring entailed, not only persuaded a judge that they should be paid in full but also got him to freeze payments on the restructured bonds until Argentina coughs up. Argentina claims that paying the hold-outs was impossible. It is not just that they are “vultures” as Argentine officials often put it, who bought the bonds for cents on the dollar after the previous default and are now holding those who accepted the restructuring (accounting for 93% of the debt) to ransom. The main problem is that a clause in the restructured bonds prohibits Argentina from offering the hold-outs better terms without paying everyone else the same. Since it cannot afford to do that, it says it had no choice but to default. Yet it is not certain that the clause requiring equal treatment of all bondholders would have applied, given that Argentina would not have been paying the hold-outs voluntarily, but on the courts’ orders. Moreover, some owners of the restructured bonds had agreed to waive their rights; had Argentina made a concerted effort to persuade the remainder to do the same, it might have succeeded. Lawyers and bankers have suggested various ways around the clause in question, which expires at the end of the year. But Argentina’s government was slow to consider these options or negotiate with the hold-outs, hiding instead behind indignant nationalism. Ms Fernández is right that the consequences of America’s court rulings have been perverse, unleashing a big financial dispute in an attempt to solve a relatively small one. But hers is not the first government to be hit with an awkward verdict. Instead of railing against it, she should have tried to minimise the harm it did. Defaulting has helped no one: none of the bondholders will now be paid, Argentina looks like a pariah again, and its economy will remain starved of loans and investment. Happily, much of the damage can still be undone. It is not too late to strike a deal with the hold-outs or back an ostensibly private effort to buy out their claims. A quick fix would make it easier for Argentina to borrow again internationally. That, in turn, would speed development of big oil and gas deposits, the income from which could help ease its money troubles.
More important, it would help to change perceptions of Argentina as a financial rogue state. Over the past year or so Ms Fernández seems to have been trying to rehabilitate Argentina’s image and resuscitate its faltering economy. She settled financial disputes with government creditors and with Repsol, a Spanish oil firm whose Argentine assets she had expropriated in 2012. This week’s events have overshadowed all that. For its own sake, and everyone else’s, Argentina should hold its nose and do a deal with the hold-outs. (http://www.economist.com/news/leaders/21610263. Adapted)

76 – (FGV/VESTIBULAR-2015.1-ECONOMIA-1º SEMESTRE)
The title and the lead-in (in journalist jargon, the line which introduces the main text) to the article imply that its author
(A) thinks Argentina has always been a very unlucky country in economic terms.
(B) implies that Argentina has been arguing too bitterly with the economic community.
(C) argues against the international economic system in favour of Argentina.
(D) disagrees with the view expressed by Argentina’s president, discussed in the article.
(E) misses the whole point as regards Argentina’s recent default to its creditors.
👍 Comentários e Gabarito  D 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:
O título e o lead-in (no jargão do jornalista, a linha que introduz o texto principal) do artigo implica que seu autor
(A) acha que a Argentina sempre foi um país muito infeliz em termos econômicos.
(B) implica que a Argentina tem discutido muito amargamente com a comunidade econômica.
(C) argumenta contra o sistema econômico internacional em favor da Argentina.
(D) discorda da opinião expressa pelo presidente da Argentina, discutida no artigo.
(E) erra toda a questão em relação à recente inadimplência da Argentina para seus credores.

77 – (FGV/VESTIBULAR-2015.1-ECONOMIA-1º SEMESTRE)
According to the first paragraph,
(A) it took Argentina four years to pay off its creditors when it first defaulted.
(B) Argentina’s default of 2001 has only been paid off as recent as August 2014.
(C) the bonds that went unpaid in August 2014 were still connected with those issued 29 years ago.
(D) compensation for the victms of the 2001 default has finally been settled in 2014.
(E) Argentina’s many defaults history is more than a century old.
👍 Comentários e Gabarito  E 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

78 – (FGV/VESTIBULAR-2015.1-ECONOMIA-1º SEMESTRE)
The explanation given by Argentina’s president, in the second paragraph, implies that
(A) this recent default by Argentina has followed the same pattern to be found in the previous ones.
(B) Argentina would like to pay some of its creditors as agreed, but has been banned by court orders.
(C) the country has paid its debts but bondholders have decided not to take the money on purpose.
(D) American banks refused to help Argentina pay its debts in order to harm the country once more.
(E) American bondholders won’t draw the money Argentina deposited so that they can be paid still more.
👍 Comentários e Gabarito  B 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

79 – (FGV/VESTIBULAR-2015.1-ECONOMIA-1º SEMESTRE)
Argentina’s creditors, as the second paragraph shows,
(A) are all made up of American banks and other financial institutions.
(B) have never been offered any payment settlement by Argentina.
(C) came to be eventually separated into two groups, so to speak.
(D) are all “vultures” that want to harm Argentina’s economic power.
(E) want to freeze all Argentine assets in the international market.

👍 Comentários e Gabarito  C 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

80 – (FGV/VESTIBULAR-2015.1-ECONOMIA-1º SEMESTRE)
In the excerpt from the end of the second paragraph – freeze payments on the restructured bonds until Argentina coughs up – the meaning of the phrase until Argentina coughs up in the context it is used can be paraphrased as until Argentina ...
(A) pays all bondholders.
(B) recovers from its crisis.
(C) comes up with a new idea.
(D) issues new bonds.
(E) elects a new government.

👍 Comentários e Gabarito  A 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:
(A) pague todos os acionistas.
➦to cough up ➝ to pay.
(B) se recupere de sua crise.
(C) surja com uma nova ideia.
(D) emita novos títulos.
(E) eleja um novo governo.

81 – (FGV/VESTIBULAR-2015.1-ECONOMIA-1º SEMESTRE)
We learn in the article, mostly in paragraphs two through four, that
(A) the creditors who required to be paid in full represent only a small part of the debt.
(B) Argentina simply ran out of money to pay its American bondholders and defaulted.
(C) some bondholders gave up any hope of being paid by Argentina and agreed to the default.
(D) as Argentina didn’t pay most of its creditors voluntarily, they decided to go to file suit.
(E) an American judge was partial towards American creditors harming those from other countries.

👍 Comentários e Gabarito  A 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

82 – (FGV/VESTIBULAR-2015.1-ECONOMIA-1º SEMESTRE)
Argentina’s government argues that it can’t pay all creditors as required by court because
(A) non-American creditors might also file suits against it if it paid only the Americans.
(B) paying “vulture” funds from the U.S. would encourage creditors from other countries to act in the same way.
(C) the people in Argentina are very much against it and the country nationalism would be harmed if they complied.
(D) funds bought the bonds for mere cents to the dollar and now want to make a large profit and this is very unfair to Argentina.
(E) the country doesn’t have the resources needed to pay all creditors the full amount originally due.

👍 Comentários e Gabarito  E 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

83 – (FGV/VESTIBULAR-2015.1-ECONOMIA-1º SEMESTRE)
The fourth paragraph points out that
(A) as Argentina wouldn’t pay its creditors voluntarily they had no choice but going to court.
(B) the clause claimed by Argentina as preventing it from paying part of the creditors could have been worked around.
(C) owners of restructered bonds would never have accepted seeing other bond holders been paid the full face value.
(D) after the end of this year, Argentina will be able to pay all its bondholders, whether restructured or not.
(E) Argentina has always played the indignant part in debt negotiations and as such refused to pay anyone.

👍 Comentários e Gabarito  B 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

84 – (FGV/VESTIBULAR-2015.1-ECONOMIA-1º SEMESTRE)
The excerpt from the fourth paragraph – had Argentina made a concerted effort to persuade the remainder to do the same, it might have succeeded. – denotes an idea of
(A) obligation.
(B) ability.
(C) completion.
(D) hypothesis.
(E) necessity.

👍 Comentários e Gabarito  D 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

85 – (FGV/VESTIBULAR-2015.1-ECONOMIA-1º SEMESTRE)
In its fifth paragraph, the article
(A) backs up Ms Fernández decision not to pay the so-called “vulture” funds.
(B) takes no definite opinion of the decision taken by the American court.
(C) does not exempt Argentina’s president from responsibility for the default.
(D) implies that the bondholders who refuse to negotiate shouldn’t really be paid.
(E) considers Argentina’s position as an international pariah well-deserved.

👍 Comentários e Gabarito  C 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

86 – (FGV/VESTIBULAR-2015.1-ECONOMIA-1º SEMESTRE)
The word hers, as used in the second sentence of the fifth paragraph, refers to the Argentine
(A) dispute.
(B) verdict.
(C) consequence.
(D) court ruling.
(E) government.

👍 Comentários e Gabarito  E 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

87 – (FGV/VESTIBULAR-2015.1-ECONOMIA-1º SEMESTRE)
According to the sixth paragraph,
(A) there is still room for an agreement with bondholders, which may bring positive consequences for Argentina.
(B) Argentina should borrow money from international institutions to pay the bondholders and finish this up.
(C) the country should sell its assets in oil and gas so as to be able to pay its international creditors.
(D) private individuals in Argentina should be called upon to help the country pay off its international debts.
(E) a quick settlement should be reached between Argentina and its creditors if the country is to survive internationally.

👍 Comentários e Gabarito  A 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

88 – (FGV/VESTIBULAR-2015.1-ECONOMIA-1º SEMESTRE)

In the excerpt from the last paragraph – ... perceptions of Argentina as a financial rogue state – the expression financial rogue state implies a country which is
(A) closed to dealings with other countries.
(B) always asking others to do what it wants.
(C) imposing its views on the international community.
(D) trying to deceive others for its own profit.
(E) nationalizing assets from other countries.

👍 Comentários e Gabarito  D 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

89 – (FGV/VESTIBULAR-2015.1-ECONOMIA-1º SEMESTRE)
The last paragraph implies that
(A) returning Repsol to its rightful owners has helped Argentina be trusted again by the international community.
(B) Argentina’s economy has been continuously faltering under its present administration and doesn’t seem to be able to recover.
(C) Argentina has taken good economic measures in the recent past and should strive to go back to that same track.
(D) when Repsol was expropriated by the present Argentine administration, the country began to be considered an international rogue state.
(E) the default of August 2014 pushed Argentina even further on the track it has started under Ms Fernández administration.

👍 Comentários e Gabarito  C 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

90 – (FGV/VESTIBULAR-2015.1-ECONOMIA-1º SEMESTRE)
In the last sentence of the text, the use of the phrase Argentina should hold its nose implies that Argentina should
(A) stop pretending it can’t afford to settle its debts and pay them off.
(B) go against its national political pride and negotiate with creditors.
(C) return foreign assets to their rightful owners in other countries.
(D) comply with the court orders issued in the United States and pay its creditors.
(E) convince the international community that it is really financially sick.

👍 Comentários e Gabarito  B 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:
(A) parar de fingir que não pode pagar suas dívidas e pagá-las.
(B) engolir seu orgulho político nacional e negociar com os credores.
(C) devolver ativos estrangeiros a seus legítimos proprietários em outros países.
(D) cumprir as ordens judiciais emitidas nos Estados Unidos e pagar seus credores.
(E) convencer a comunidade internacional de que está realmente financeiramente doente.
*A expressão citada sugere que a Argentina deveria
engolir seu orgulho político nacional e negociar com
os credores.
*to hold one’s nose = engolir em seco

FGV EESP – 2014.1 – Língua Inglesa – Economia – Vestibular 1º Semestre – Escola de Economia de São Paulo

❑  PROVA DE LÍNGUA INGLESA:

•  FGV/VESTIBULAR-2014.1-PROCESSO SELETIVO-1º SEMESTRE-GRADUAÇÃO EM ECONOMIA-SP.

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❑ ESTRUTURA-PROVA:

• 15 MCQs (Multiple Choice Question) / 5 Options Each Question.

• Text (1) – | The road to hell | www.economist.com |

PROVA, TRADUÇÃO, GABARITO & MUITO VOCABULÁRIO

❑ TEXTO 1:

• TEXTO 1: Read the article and answer questions numbers 76 through 90.

The road to hell

1

(1)
Bringing crops from one of the futuristic new farms in Brazil’s central and northern plains to foreign markets means taking a journey back in time. Loaded onto lorries, most are driven almost 2,000km south on narrow, potholed roads to the ports of Santos and Paranaguá. In the 19th and early 20th centuries they were used to bring in immigrants and ship out the coffee grown in the fertile states of São Paulo and Paraná, but now they are overwhelmed. Thanks to a record harvest this year, Brazil became the world’s largest soya producer, overtaking the United States. The queue of lorries waiting to enter Santos sometimes stretched to 40km.
(2)
No part of that journey makes sense. Brazil has too few crop silos, so lorries are used for storage as well as transport, causing a crush at ports after harvest. Produce from so far north should probably not be travelling to southern ports at all. Freight by road costs twice as much as by rail and four times as much as by water. Brazilian farmers pay 25% or more of the value of their soya to bring it to port; their competitors in Iowa just 9%. The bottleneck at ports pushes costs higher still. It also puts off customers. In March Sunrise Group, China’s biggest soya trader, cancelled an order for 2m tonnes of Brazilian soya after repeated delays.
(3)
All of Brazil’s infrastructure is decrepit. The World Economic Forum ranks it at 114th out of 148 countries. After a spate of railway-building at the turn of the 20th century, and road- and dam-building 50 years later, little was added or even maintained. In the 1980s infrastructure was a casualty of slowing growth and spiralling inflation. Unable to find jobs, engineers emigrated or retrained. Government stopped planning for the long term. According to Contas Abertas, a public-spending watchdog, only a fifth of federal money budgeted for urban transport in the past decade was actually spent. Just 1.5% of Brazil’s GDP goes on infrastructure investment from all sources, both public and private. The long-run global average is 3.8%. The McKinsey Global Institute estimates the total value of Brazil’s infrastructure at 16% of GDP. Other big economies average 71%. To catch up, Brazil would have to triple its annual infrastructure spending for the next 20 years.
(4)
Moreover, it may be getting poor value from what little it does invest because so much goes on the wrong things. A cumbersome environmental-licensing process pushes up costs and causes delays. Expensive studies are required before construction on big projects can start and then again at various stages along the way and at the end. Farmers and manufacturers spend heavily on lorries because road transport is their only option. But that is working around the problem, not solving it.
(5)
In the 1990s Mr Cardoso’s government privatised state-owned oil, energy and telecoms firms. It allowed private operators to lease terminals in public ports and to build their own new ports. Imports were booming as the economy opened up, so container terminals were a priority. The one at the public port in Bahia’s capital, Salvador, is an example of the transformation wrought by private money and management. Its customers used to rate it Brazil’s worst port, with a draft too shallow for big ships and a quay so short that even smaller vessels had to unload a bit at a time. But in the past decade its operator, Wilson & Sons, spent 260m reais on replacing equipment, lengthening the quay and deepening the draft. Capacity has doubled. Land access will improve, too, once an almost finished expressway opens. Paranaguá is spending 400m reais from its own revenues on replacing outdated equipment, but without private money it cannot expand enough to end the queues to dock. It has drawn up detailed plans to build a new terminal and two new quays, and identified 20 dockside areas that could be leased to new operators, which would bring in 1.6 billion reais of private investment. All that is missing is the federal government’s permission. It hopes to get it next year, but there is no guarantee. (6)
Firms that want to build their own infrastructure, such as mining companies, which need dedicated railways and ports, can generally build at will in Brazil, though they still face the hassle of environmental licensing. If the government wants to hand a project to the private sector it will hold an auction, granting the concession to the highest bidder, or sometimes the applicant who promises the lowest user charges. But since Lula came to power in 2003 there have been few infrastructure auctions of any kind. In recent years, under heavy lobbying from public ports, the ports regulator stopped granting operating licences to private ports except those intended mainly for the owners’ own cargo. As a result, during a decade in which Brazil became a commodity-exporting powerhouse, its bulk-cargo terminals hardly expanded at all.
(7)
At first Lula’s government planned to upgrade Brazil’s infrastructure without private help. In 2007 the president announced a collection of long-mooted public construction projects, the Growth Acceleration Programme (PAC). Many were intended to give farming and mining regions access to alternative ports. But the results have been disappointing. Two-thirds of the biggest projects are late and over budget. The trans-north-eastern railway is only half-built and its cost has doubled. The route of the east-west integration railway, which would cross Bahia, has still not been settled. The northern stretch of the BR-163, a trunk road built in the 1970s, was waiting so long to be paved that locals started calling it the “endless road”. Most of it is still waiting.
(8)
What has got things moving is the prospect of disgrace during the forthcoming big sporting events. Brazil’s terrible airports will be the first thing most foreign football fans see when they arrive for next year’s World Cup. Infraero, the state-owned company that runs them, was meant to be getting them ready for the extra traffic, but it is a byword for incompetence. Between 2007 and 2010 it managed to spend just 800m of the 3 billion reais it was supposed to invest. In desperation, the government last year leased three of the biggest airports to private operators.
(9)
That seemed to break a bigger logjam. First more airport auctions were mooted; then, some months later, Ms Rousseff announced that 7,500km of toll roads and 10,000km of railways were to be auctioned too. Earlier this year she picked the biggest fight of her presidency, pushing a ports bill through Congress against lobbying from powerful vested interests. The new law enables private ports once again to handle third-party cargo and allows them to hire their own staff, rather than having to use casual labour from the dockworkers’ unions that have a monopoly in public ports. Ms Rousseff also promised to auction some entirely new projects and to re-tender around 150 contracts in public terminals whose concessions had expired.
(10)
Would-be investors in port projects are hanging back because of the high chances of cost overruns and long delays. Two newly built private terminals at Santos that together cost more than 4 billion reais illustrate the risks. Both took years to get off the ground and years more to build. Both were finished earlier this year but remained idle for months. Brasil Terminal Portuário, a private terminal within the public port, is still waiting for the government to dredge its access channel. At Embraport, which is outside the public-port area, union members from Santos blocked road access and boarded any ships that tried to dock. Rather than enforcing the law that allows such terminals to use their own workers, the government summoned the management to Brasília for some arm-twisting. In August Embraport agreed to take the union members “on a trial basis”.
(11)
Given such regulatory and execution risks, there are unlikely to be many takers for either rail or port projects as currently conceived, says Bruno Savaris, an infrastructure analyst at Credit Suisse. He predicts that at most a third of the planned investments will be auctioned in the next three years: airports, a few simple port projects and the best toll roads. That is far short of what Brazil needs. The good news, says Mr Savaris, is that the government is at last beginning to understand that it must either reduce the risks for private investors or raise their returns. Private know-how and money will be vital to get Brazil moving again.

(www.economist.com/news/special-report. Adapted)

76 – (FGV/VESTIBULAR-2014.1-ECONOMIA-1º SEMESTRE)
The core issue discussed in the article is:
(A) Brazilian government should use public funds to build more airports, roads, and railways.
(B) Soya output in Brazil is now larger than that of the United States.
(C) Private ports work much more efficiently than public-owned ones.
(D) Brazil needs a lot of private investment to overcome its infrastructure problems.(
E) Santos and Paranaguá are too far south to handle soya exports.

👍 Comentários e Gabarito  D 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

77 – (FGV/VESTIBULAR-2014.1-ECONOMIA-1º SEMESTRE)
The metaphor developed in the first paragraph – a journey back in time – is linked to the fact that
(A) both Santos and Paranaguá are ports used more than a century ago to receive the immigrants to Brazil.
(B) most roads in Brazil were built around the middle of the 20th century and little more was done afterwards.
(C) it was only in the 1990s that the Brazilian government began to privatize part of its infrastructure.
(D) inflation was so high in the 1980s that the Brazilian government stopped developing new projects for roads.
(E) there is a major contrast between the farms producing the crops and the outlets used for their export.

👍 Comentários e Gabarito  A 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

78 – (FGV/VESTIBULAR-2014.1-ECONOMIA-1º SEMESTRE)
Expressions used in the article such as – cumbersome environmental-licensing process (4th paragraph), the hassle of environmental licensing (6th paragraph), all that is missing is the federal government’s permission... but there is no guarantee (5th paragraph) – clearly show a bias pointing at the position of The Economist magazine
(A) against government interference in private initiative.
(B) towards favoring soya exports from the United States.
(C) for the Brazilian government of the 1990s.
(D) in relation to the privatization of some Brazilian airports.
(E) of praise towards the planned auctions of some ports and toll roads.

👍 Comentários e Gabarito  A 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

79 – (FGV/VESTIBULAR-2014.1-ECONOMIA-1º SEMESTRE)
The second paragraph indicates that the Chinese business Sunrise Group decided to cancel its purchase of soya from Brazil because
(A) it would pay a higher price than it could pay for American soya.
(B) the soya they had bought couldn’t be shipped within the expected time.
(C) the Brazilian product becomes too expensive because it is shipped by road.
(D) it takes so long for the product to get there that most of it is spoiled on the trip.
(E) they wanted it to be shipped from northern, rather than southern ports.

👍 Comentários e Gabarito  B 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

80 – (FGV/VESTIBULAR-2014.1-ECONOMIA-1º SEMESTRE)
According to the third paragraph,
(A) since the 1980s Brazilian engineers have been leaving the country and few are left for the work needed.
(B) Brazilian GDP is not big enough for all the infrastructure investments needed in the next 20 years.
(C) the value of Brazil’s infrastructure is way below that of countries similar to it in economic importance.
(D) urban development in Brazil has been over its planned budget for many years in a row.
(E) most infrastructure Brazil is outdated because it was built aroin und one century ago.

👍 Comentários e Gabarito  C 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

81 – (FGV/VESTIBULAR-2014.1-ECONOMIA-1º SEMESTRE)
According to the fourth paragraph,
(A) roads are in such poor conditions that farmers end up spending a lot on lorries.
(B) the price of engineering studies for projects should be lowered so as to help improve infrastructure.
(C) the amount of money that goes into infrastructure in Brazil is far from being well invested.

(D) environmental-licensing is a way to work around the main infrastructure problems.
(E) the main problems in infrastructure will only be solved when new roads are built.

👍 Comentários e Gabarito  C 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

82 – (FGV/VESTIBULAR-2014.1-ECONOMIA-1º SEMESTRE)
The first word used in the fourth paragraph – moreover – carries an idea of
(A) contrast.
(B) conclusion.
(C) finality.
(D) addition.
(E) time.

👍 Comentários e Gabarito  D 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

83 – (FGV/VESTIBULAR-2014.1-ECONOMIA-1º SEMESTRE)
The fifth paragraph, as a whole, points out that
(A) in order to be effective, ports should be entirely managed by private initiative.
(B) private investment can be very effective in building and improving a country’s infrastructure.
(C) telecom firms can be managed by private corporations as well as by government-owned enterprises.
(D) oil prospecting is too large and too strategic to be left in the hands of private investment only.
(E) government-owned ports can be leased to private corporations so as to bring the country good profit.

👍 Comentários e Gabarito  B 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

84 – (FGV/VESTIBULAR-2014.1-ECONOMIA-1º SEMESTRE)
In the sentence fragment from the fifth paragraph – But in the past decade its operator... – the word its refers to
(A) Wilson & Sons.
(B) equipment.
(C) capacity.
(D) customers.
(E) the port in Salvador.

👍 Comentários e Gabarito  E 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

85 – (FGV/VESTIBULAR-2014.1-ECONOMIA-1º SEMESTRE)
The sixth paragraph states that, in the last ten years, there has been a tendency towards
(A) halting the number of concessions for public ports to be operated privately.
(B) requiring a carefully-controlled environmental licensing process for private projects.
(C) only auctioning infrastructure projects that are environmentally friendly.
(D) allowing mining companies to build railroads as needed for cargo shipment to ports.
(E) granting concessions to the highest bidder, regardless of final project costs.

👍 Comentários e Gabarito  A 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

86 – (FGV/VESTIBULAR-2014.1-ECONOMIA-1º SEMESTRE)
The seventh paragraph leads the reader to conclude that
(A) the Growth Acceleration Programme (PAC) is still being carried out without private capital as originally planned.
(B) roads and railways cannot be efficiently built by public administrations alone unless they are aided by private enterprise administration.
(C) only public money can give farming and mining communities the access they need, within costs they can afford, to ports.
(D) the initial project of President Lula’s administration to do without private investment in infrastructure didn’t work out as planned.
(E) railways are one of the most expensive kinds of infrastructure to build and that is why they are often late and over budget.

👍 Comentários e Gabarito  D 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

87 – (FGV/VESTIBULAR-2014.1-ECONOMIA-1º SEMESTRE)
As regards Brazilian airports, the text states in the eighth paragraph that
(A) they are quickly being remodeled to receive fans arriving for the World Cup in 2014.
(B) most projects to remodel them are well over budget and won’t be completed in time.
(C) most will be privately-run by the time the football World Cup happens in 2014.
(D) only the important ones will be auctioned by the government before 2014.
(E) they are poorly run by the government-owned company in charge of them.

👍 Comentários e Gabarito  E 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

88 – (FGV/VESTIBULAR-2014.1-ECONOMIA-1º SEMESTRE)
As regards infrastructure auctioning as mentioned in the ninth paragraph, the current Brazilian President, Dilma Rousseff,
(A) has decided to fight lobbying groups that are against some of it.
(B) is basically following on the footsteps of her predecessor, President Lula.
(C) picked a big fight with Brazilian Congress, in order to privatize roads and railways.
(D) seems to support wishes expressed by the dockworkers’ unions in most of Brazil.
(E) will turn some 150 privately-run ports back to public administration.

👍 Comentários e Gabarito  A 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

89 – (FGV/VESTIBULAR-2014.1-ECONOMIA-1º SEMESTRE)
The sentence from the tenth paragraph – Rather than enforcing the law that allows such terminals to use their own workers, the government summoned the management to Brasília for some arm-twisting. – illustrates the fact that
(A) the government will not carry out their part in infrastructure projects in time.
(B) investing in port projects can be risky due to unexpected government interference.
(C) projects can take much more time to complete than originally planned.
(D) building private terminals within public-owned ports can be too expensive.
(E) cost and time overruns are more common in public than in private ports.

👍 Comentários e Gabarito  B 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

90 – (FGV/VESTIBULAR-2014.1-ECONOMIA-1º SEMESTRE)
In the sentence fragment from the last paragraph – it must either reduce the risks for private investors or raise their returns – the use of either ... or indicates an idea of
(A) negation.
(B) similarity.
(C) alternative.
(D) comparison.
(E) opposition.

👍 Comentários e Gabarito  C 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

FGV EESP – 2013.1 – Língua Inglesa – Economia – Vestibular 1º Semestre – Escola de Economia de São Paulo

❑  PROVA DE LÍNGUA INGLESA:

•  FGV/VESTIBULAR-2013.1-PROCESSO SELETIVO-1º SEMESTRE-GRADUAÇÃO EM ECONOMIA-SP.

https://vestibular.fgv.br

❑ ESTRUTURA-PROVA:

• 15 MCQs (Multiple Choice Question) / 5 Options Each Question.

• Texto (1) – | Money Talks | The Economist |
• Texto (2) – | The Echoes Between Student Loans and Mortgages | www.businessweek.com |
• Texto (3) – | Household Debt Has Fallen to 2006 Levels | http://business.time.com |

PROVA, TRADUÇÃO, GABARITO & MUITO VOCABULÁRIO

❑ TEXTO 1:

01-D, 02-C, 03-A, 04-E, 05-B

06-C, 07-B, 08-E, 09-D, 10-A

11-A, 12-C, 13-B, 14-E, 15-D

➧ VOCABULÁRIO:

• assets (Ésséts) - ativo (contabilidade)
• aware - ciente.
• a 1903 British penny - um centavo britânico de 1903.
• a centuries-old idea - uma ideia secular.
• a communications medium - um meio de comunicação.
• a Roman coin - uma moeda romana.
• a Russian opposition activist - um ativista da oposição russa.
• a noted blogger - um famoso blogueiro.
• an advertisement - um anúncio.
• banknotes (= bills) - cédulas de dinheiro.
• coins - moedas.
• defaced notes - notas adulteradas, notas desfiguradas.
• depicted the head of a lion - representavam a cabeça de um leão
• dollar bills -  cédulas de dólar.
• he did the maths - ele fez as contas.
• government persecution - perseguição do governo.
• income - renda, receita.
• income inequality - desigualdade de renda.
• in the 7th century BC - no século 7 aC.
• Iran’s Green Movement - Movimento Verde do Irã.
• has been scratched - foi riscada.
• Later rulers - Governantes posteriores.
• liabilities (láiBíliris) - passivo (contabilidade).
• minted in Lydia - cunhadas na Lídia
• Money Talks - Dinheiro fala mais alto.
• skeptical - cético, descrente, duvida de tudo.
• subjects - súditos.
• The earliest coins - As moedas mais antigas.
• the messaging power of money - o poder de mensagem do dinheiro.
• This prompted a ruling that .- Isso levou a uma decisão de que.
• to spread messages - espalhar mensagens.
• to stamp messages - carimbar mensagens.

➧ PROVA:

➧ TEXT I: Leia o texto para responder às questões de números 01 a 05.

Money Talks

Is money a good medium to spread messages? At first Alexei Navalny, a Russian opposition activist and noted blogger, was skeptical. But then he did the maths: if 5,000 Russians stamped 100 bills each, every citizen would encounter at least one of the altered notes as they passed from person to person.

Members of Iran’s Green Movement used this tactic in 2009, writing slogans on banknotes during their antigovernment protests. This prompted a ruling that defaced notes would no longer be accepted by banks. Similarly, supporters of the Occupy movement had added slogans and infographics about income inequality to dollar bills. And members of China’s Falun Gong movement wrote messages on banknotes attacking government persecution.

The use of money as a communications medium, distributing words and images as it passes from hand to hand, is ancient. The earliest coins, minted in Lydia (now part of Turkey) in the 7th century BC, depicted the head of a lion, thought to have been a royal symbol. Later rulers had their names and images inscribed on coins, along with symbolic images of various kinds. In the era before printing, this was a very efficient way to project their image directly to the people.

But their subjects were also aware of the messaging power of money, as the recently revamped exhibit on the history of money at the British Museum in London reveals. It includes a Roman coin from 215 AD, on which the Christian “chi-rho” symbol has been scratched behind the emperor’s head; a French coin from 1855 overstamped with an advertisement for Pear Soap; and a 1903 British penny on which Edward VII’s face has been stamped with “Votes for women” by suffragettes. Mr. Navalny’s call for Russians to stamp messages on banknotes is just the latest incarnation of a centuries-old idea – a pioneering example of what we now call social media.

(The Economist, September 29th 2012, p. 80. Adapted)

01 – (FGV-2013-EESP-VESTIBULAR)

The title of the text – Money talks – is a common saying in English that implies one can buy almost anything with money, and it is used here

(A) to show how corruption is spread all over the world.
(B) in order to emphasize the power money brings to those who own it.
(C) so as to illustrate how dictatorial governments can manipulate the use of money.
(D) as a word pun, with a different meaning from the one commonly known.
(E) to show that money can buy everything one needs or wants.

02 – (FGV-2013-EESP-VESTIBULAR)

Alexey Navalny

(A) collaborated with the protesters of the Occupy Wall Street movement.
(B) was inspired for his actions after seeing an exhibit at the British Museum.
(C) didn’t believe in the beginning that his plan would succeed.
(D) was a pioneer in what eventually became a new social media.
(E) helped the Falun Gong movement in China to write messages on banknotes.

03 – (FGV-2013-EESP-VESTIBULAR)

The Iranian government’s response to the Green Movement’s action in 2009

(A) tried to curb the movement’s political propaganda.
(B) ensured that the activists would spread their message.
(C) prompted Iranian activists to join the Occupy movement for help.
(D) prevented dollar bills from circulating in Iran for some time.
(E) prohibited slogans from being written on public areas by activists.

04 – (FGV-2013-EESP-VESTIBULAR)

The money exhibit at the British Museum

(A) depicts royal and religious symbols from different ages of history.
(B) displays documents from many centuries ago with a wide variety of messages.
(C) includes the very first coins ever minted by a king.
(D) has Chinese, Iranian, and Russian money, among others.
(E) shows the use of currency to spread messages has been happening for centuries.

05 – (FGV-2013-EESP-VESTIBULAR)

The first coin minted

(A) had the face of the local king.
(B) appeared before the Christian age.
(C) were meant to make people know who the king was.
(D) portrayed different kinds of symbols.
(E) symbolized Christian values.

➧ TEXT II: Leia o texto para responder às questões de números 06 a 10.

The Echoes Between Student Loans and Mortgages

By Karen Weise on October 16, 2012

Earlier this year, the country’s largest mortgage servicers agreed to reform their practices and pony up $25 billion in a multistate settlement to atone for faulty foreclosures. A new report out Tuesday from the federal Consumer Financial Protection Bureau says the companies that manage student loans have many similar problems that haunted mortgage servicers.

The CFPB’s private student loan ombudsman, Rohit Chopra, wrote the report based on nearly 3,000 borrower complaints and says he found an “uncanny” parallel to mortgages. Ninety-five percent of the complaints collected by the CFPB focused on problems triggered when students interact with servicers, which collect monthly payments on behalf of investors who own the loan. Chopra said borrowers often face surprises, runarounds, and dead ends – payments that aren’t properly applied, information that’s conflicting, and servicers unwilling or unresponsive to borrowers looking to create payment plans.

“I see these complaints in our report serving as an early warning,” Chopra said in a call with reporters, explaining that the CFPB and others should make sure student loan servicing isn’t a “redux” of mortgage loan servicing.

Chopra also provided a glimpse of how the CFPB handles the problems that borrowers report. Of the 2,857 complaints Chopra’s office has received, 961 people got an explanation or resolution from the servicer, and 387 people received some sort of relief, be it nonmonetary (like a new payment plan) or direct compensation, Chopra told me. For borrowers who received monetary relief, the median amount was $1,572, though one borrower received nearly $84,000. Chopra says getting compensation is rare because the loans themselves don’t allow for much flexibly. “Even if [repayment options aren’t] something that’s in the terms of the note, there are still issues that people are facing,” he said. He hopes that by airing the grievances, reforms might help borrowers in the future.

Chopra says regulators and the Department of Education should investigate whether the problems he found in the complaints were systemic—and if so, should consider stronger oversight. He also thinks policymakers should find ways to encourage modifications and develop a market for refinancing student loans. But perhaps Chopra’s simplest recommendation was to get more students to learn about, and participate in, the income-based repayment program that’s already available on federal student loans. After all, as the country’s experience working with mortgages has taught us, working with government loans is a lot easier than reforming the private market.

http://www.businessweek.com.(Adapted)

06 – (FGV-2013-EESP-VESTIBULAR)

The first and second paragraphs show that

(A) servicers of student loans were given permission by the CFPB to service mortgage loans.
(B) the CFPB set a large fine for servicers of student loans that are behaving like mortgage loan servicers.
(C) mortgage lending managers had to pay compensation to borrowers due to improper foreclosures.
(D) servicers of student loan debts are always willing to discuss possibilities for payment plans.
(E) most problems pointed out in the CFPB report are due to uncanny defaults on student loans.

07 – (FGV-2013-EESP-VESTIBULAR)

The third paragraph points out that

(A) the CFPB will call a meeting of investors and their servicers to discuss student loans.
(B) student loans may eventually reach a similar situation as that of mortgage loans.
(C) Chopra called newspaper reporters to give them an early warning on loans.
(D) the servicing of mortgage loans was criticized in the CFPB recent report.
(E) student loans should be reduced for those still defaulting in their housing loans.

08 – (FGV-2013-EESP-VESTIBULAR)

According to Rohit Chopra

(A) student loan servicers will eventually be reformed due to the CFPB report.
(B) almost half the student borrowers who contacted his office were given relief of some kind.
(C) the student loan situation in the country is unfair as some people received up to US$ 84,000.
(D) student loan borrowers should request financial compensation from lenders as relief.
(E) few people actually receive any form of money back from loan servicers.

09 – (FGV-2013-EESP-VESTIBULAR)

Chopra, in the last paragraph, states that

(A) the CFPB may, in the future, refinance student loans from government funds.
(B) government loans will, eventually, replace private student loan servicers.
(C) policymakers will reform legislation so as to allow for student loan refinancing.
(D) the government should supervise loan servicers if the problems he found are recurrent.
(E) student loans in the private market should be reformed to function like the public market.

10 – (FGV-2013-EESP-VESTIBULAR)

The “income-based repayment program” mentioned in the
last paragraph is a program in which students can

(A) pay their loans back in installments proportional to their salaries.
(B) deduct the value of their loans from their federal income taxes.
(C) borrow from private lenders who work on the same basis as the federal government.
(D) use their parents’ federal income tax as a foundation to repay their loans.
(E) help the government to reform the private student loan private market.

➧ TEXT III: Leia o texto para responder às questões de números 11 a 15.

Household Debt Has Fallen to 2006 Levels,

But Not Because We’ve Grown More Frugal

U.S. household debt has finally fallen back to pre-recession levels. So, we’ve finally learned our lesson about spending more than we make, right? Well, not really. The real reason our debt has dipped is that so many Americans defaulted on bills they couldn’t pay.

Moody’s Analytics and the Federal Reserve released a batch of figures last week showing a significant dip in U.S. household debt. According to Moody’s, the combined amount owed on our home mortgages, credit cards, and other outstanding liabilities have gotten down to about $11 trillion, which is about what it was in 2006. Federal Reserve numbers show that household debt as a share of disposable income dipped to 113% in the second quarter of 2012. It hit 134% in 2007, right before the recession.

The decline in household debt doesn’t necessarily mean we’ve changed our ways. In fact, says Mustafa Akcay, an economist at Moody’s, “nearly 80% of deleveraging is caused by defaults.” Only 20% of the decrease comes as a result of what he calls “voluntary deleveraging,” i.e. the hard work of paying down our debts faster than we borrow.

“Most of the decline in outstanding aggregate debt has been defaults,” agrees Brookings Institution economist Karen Dynan, who last year analyzed financial institution charge-offs of loans that have gone bad and found that the value of defaults was about two-thirds as large as the total decline in household debt. Still, Dynan believes that defaults have become a lot less important over the past year. She cites Federal Reserve data showing that charge-offs by banks for mortgages and consumer loans have dipped recently. She also attributes lower debt levels to a reduction in new borrowing — though that’s not necessarily a sign that consumers are any less willing to borrow. “Banks are being super-cautious about lending,” she says. “There is a substantial group of households that have much less debt now simply because they have not been able to get loans because terms are so tight.”

No matter the reason, though, household debt has dipped to much more manageable levels, and economists are now hoping that consumers can help bolster a stronger recovery in 2013. Consumer spending did increase in recent months — not because we bought more, but because we paid more, with the price of everything from food to gas rising steadily. When adjusted for inflation, in fact, our level of spending has remained more or less constant. This additional spending led to a dip in our savings rate in recent months. We saved only 3.7% of our disposable income in August and 4.1% the month before. The U.S. savings rate hit a post-recession high of 5.6% in the third quarter of 2010. “With the lower debt burden and record low borrowing costs, households are positioned to fill in the gap in 2013,” says Akcay. “Whether they will or not depends on how policymakers address the fiscal issues.”

http://business.time.com/2012/10/19/.(Adapted)

11 – (FGV-2013-EESP-VESTIBULAR)

According to the text,

(A) household debt has been reduced in the United States because most people have failed to meet their financial obligations.
(B) consumer spending has increased mainly due to the recovery in the economy, allowing people to buy more than in the previous years.
(C) more than 80% of household debtors have been able to leverage their debts by slowing paying them off.
(D) with the economic recovery starting in 2012, Americans are being able to spend more now than they did before the recession started in 2007.
(E) households tend to have less debt recently because of the control exerted by the Federal Reserve on private loans.

12 – (FGV-2013-EESP-VESTIBULAR)

In the fragment of the second paragraph

– our home mortgages, credit cards, and other outstanding liabilities have gotten down to about $11 trillion –

“outstanding liabilities” can be understood, in simple terms, as

(A) consumer goods to be purchased.
(B) civil responsibilities.
(C) bills that have not been paid.
(D) payments made against debts.
(E) income received but not yet earned.

13 – (FGV-2013-EESP-VESTIBULAR)

The sentence from the fourth paragraph

– She cites Federal Reserve data showing that charge-offs by banks for mortgages and consumer loans have dipped recently. –

means that

(A) the Federal Reserve has recently limited what banks can charge debtors who defaulted.
(B) the amount of bad debt recognized as such by financial institutions has been reduced.
(C) mortgages financed by banks have recently begun to be tightly controlled by the Federal Reserve.
(D) consumers have been much more careful when
borrowing money from banks.
(E) more difficult loan terms by banks have allowed
mortgages to be executed sooner.

14 – (FGV-2013-EESP-VESTIBULAR)

When Karen Dynan, towards the end of the fourth paragraph, says that

“There is a substantial group of households that have much less debt now simply because they have not been able to get loans because terms are so tight”,

she specifically implies that

(A) people have learned the hard way how not to spend more than they earn.
(B) with the help of banks, consumer spending has increased in many households.
(C) all over the country the price of houses is beginning to go up again.
(D) most consumers have reduced their debts with the help of new bank loans.
(E) many people would borrow more money if they were allowed to.

15 – (FGV-2013-EESP-VESTIBULAR)

According to the last paragraph,

(A) economists have concluded that consumer spending will improve the economy.
(B) Americans are finally being able to start saving more of their disposable income.
(C) fiscal policies have helped most households leverage their consumer debts.
(D) consumers are spending more out of pocket money recently because of inflation.
(E) it is still harder to borrow now than it was back in 2010.