Prova de 2016: Fundação Getulio Vargas (FGV) — questões com gabarito

      Em uma outra casinha do cortiço acabava de estalar uma nova sobremesa, engrossando o barulho geral: era o jantar de um grupo de italianos mascates, onde o Delporto, o Pompeo, o Francesco e o Andrea representavam as principais figuras. Todos eles cantavam em coro, mais afinados que nas outras duas casas; quase, porém, que se lhes não podia ouvir as vozes, tantas e tão estrondosas eram as pragas que soltavam ao mesmo tempo. De quando em quando, de entre o grosso e macho vozear dos homens, esguichava um falsete feminino, tão estridente que provocava réplica aos papagaios e aos perus da vizinhança. E, daqui e dali, iam rebentando novas algazarras em grupos formados cá e lá pela estalagem. Havia nos operários e nos trabalhadores decidida disposição para pandegar, para aproveitar bem, até ao fim, aquele dia de folga. A casa de pasto fermentava revolucionada, como um estômago de bêbado depois de grande bródio, e arrotava sobre o pátio uma baforada quente e ruidosa que entontecia.

                                                                                             Aluísio Azevedo, O cortiço. 

Bastante notável no texto, a grande quantidade de anotações oriundas da percepção dos sentidos (no caso, sobretudo o da audição), constitui 

      Em uma outra casinha do cortiço acabava de estalar uma nova sobremesa, engrossando o barulho geral: era o jantar de um grupo de italianos mascates, onde o Delporto, o Pompeo, o Francesco e o Andrea representavam as principais figuras. Todos eles cantavam em coro, mais afinados que nas outras duas casas; quase, porém, que se lhes não podia ouvir as vozes, tantas e tão estrondosas eram as pragas que soltavam ao mesmo tempo. De quando em quando, de entre o grosso e macho vozear dos homens, esguichava um falsete feminino, tão estridente que provocava réplica aos papagaios e aos perus da vizinhança. E, daqui e dali, iam rebentando novas algazarras em grupos formados cá e lá pela estalagem. Havia nos operários e nos trabalhadores decidida disposição para pandegar, para aproveitar bem, até ao fim, aquele dia de folga. A casa de pasto fermentava revolucionada, como um estômago de bêbado depois de grande bródio, e arrotava sobre o pátio uma baforada quente e ruidosa que entontecia.

                                                                                             Aluísio Azevedo, O cortiço. 

A crítica literária costuma observar que, em O cortiço, considerado como um todo, ocorre uma espécie de ampla personificação, na medida em que, convertido em um único ente, o próprio cortiço figurado na obra seria sua personagem principal. Esse mesmo processo de personificação ocorre, em escala menor, no seguinte trecho do texto: 

                                     Nova canção do exílio

                                      Um sabiá

                                      na palmeira, longe.

                                     Estas aves cantam

                                     um outro canto.

                                     O céu cintila

                                     sobre flores úmidas.

                                     Vozes na mata,

                                     e o maior amor.

                                     Só, na noite,

                                     seria feliz:

                                     um sabiá,

                                     na palmeira, longe.

                                     Onde é tudo belo

                                     e fantástico,

                                     só, na noite,

                                     seria feliz.

                                     (Um sabiá,

                                     na palmeira, longe.)

                                     Ainda um grito de vida e

                                     voltar

                                     para onde é tudo belo

                                     e fantástico:

                                     a palmeira, o sabiá,

                                     o longe.

                                     Carlos Drummond de Andrade, A rosa do povo. 

0 sentido do poema depende, em boa medida, do reconhecimento de que, em sua composição, o autor se vale de uma relação intertextual com a “Canção do exílio”, de Gonçalves Dias. 0 que viabiliza a escolha do poema gonçalvino como referência intertextual é, em primeiro lugar, o fato de ele ser 

 Nova canção do exílio

                                      Um sabiá

                                      na palmeira, longe.

                                     Estas aves cantam

                                     um outro canto.

                                     O céu cintila

                                     sobre flores úmidas.

                                     Vozes na mata,

                                     e o maior amor.

                                     Só, na noite,

                                     seria feliz:

                                     um sabiá,

                                     na palmeira, longe.

                                     Onde é tudo belo

                                     e fantástico,

                                     só, na noite,

                                     seria feliz.

                                     (Um sabiá,

                                     na palmeira, longe.)

                                     Ainda um grito de vida e

                                     voltar

                                     para onde é tudo belo

                                     e fantástico:

                                     a palmeira, o sabiá,

                                     o longe.

                                    Carlos Drummond de Andrade, A rosa do povo. 

Da “Canção do exílio”, de Gonçalves Dias, o poema de Drummond conserva, sobretudo, 

Leia o texto para responder a questão. 

Patience is needed for Brazil to come good again

Michael Hasenstab

Dr. Michael Hasenstab is executive

vice-president, portfolio manager

and chief investment officer of

Templeton Global Macro

    The Olympic Games in Rio drew global interest to Brazil, but the country and the rest of South America has been in sharp focus for investors all year. They have flocked to the region as part of a broader migration into emerging market debt, following record low valuations and the hunt for yield in a low interest rate environment. While investors have been presented with a rarely seen buying opportunity in emerging markets like South America, it is a mistake to regard these countries as a homogenous group.

    That leaves the challenge of working out which are the most attractive opportunities – some of our best known investments were not obvious choices.

    We have devised a formula to help us evaluate the fundamental strength of different emerging market countries. It scores a country’s current and projected strength on five factors: how well it has learnt the lessons from past crises; the quality of its policy mix; the structural reform being undertaken to boost productivity; the level of domestic demand; and its ability to resist external shocks. The aim is to pick nations that are fundamentally strong but, for one reason or another, are out of favour with investors. It can take time for the market to catch up to reality. But if you are a long-term investor – and we are certainly in that camp – you have the luxury of being able to wait.

    Brazil, for example, is known as a vulnerable market due to the commodities downturn, the ongoing corruption crisis and ensuing political turmoil, but our work suggests to us that it is poised for a potentially significant rebound in the long term. Its current score is low, but its projected future score tells a different story.

    We believe the country has learnt the lessons from the most recent crisis, which brought home the importance of having a sustainable fiscal policy. It has already adopted a flexible exchange rate, has strong foreign exchange reserves and has limited short-term debt. This is also reflected in the country’s improving resilience to external shocks, with a reliance on commodities, at 60 per cent of exports, being the largest remaining negative.

    It is perhaps no surprise, given Brazil’s deep recession and political instability, that there is much work required in terms of improving policy mix, making structural reforms and boosting domestic demand. However, there are signs things are being turned around, with monetary policy already being tightened aggressively to bring inflation expectations back under control, and the previously excessive levels of governmentsubsidised lending being cut. Once political stability returns, the government will be empowered to do even more.

    Work on structural reform should accelerate too, as Brazil’s middle class has made it clear it wants greater transparency and an economic policy framework that can both boost living standards and improve the environment for businesses.

(www.ft.com. 01.09.2016. Adaptado) 

Leia o texto para responder a questão. 

Patience is needed for Brazil to come good again

Michael Hasenstab

Dr. Michael Hasenstab is executive

vice-president, portfolio manager

and chief investment officer of

Templeton Global Macro

    The Olympic Games in Rio drew global interest to Brazil, but the country and the rest of South America has been in sharp focus for investors all year. They have flocked to the region as part of a broader migration into emerging market debt, following record low valuations and the hunt for yield in a low interest rate environment. While investors have been presented with a rarely seen buying opportunity in emerging markets like South America, it is a mistake to regard these countries as a homogenous group.

    That leaves the challenge of working out which are the most attractive opportunities – some of our best known investments were not obvious choices.

    We have devised a formula to help us evaluate the fundamental strength of different emerging market countries. It scores a country’s current and projected strength on five factors: how well it has learnt the lessons from past crises; the quality of its policy mix; the structural reform being undertaken to boost productivity; the level of domestic demand; and its ability to resist external shocks. The aim is to pick nations that are fundamentally strong but, for one reason or another, are out of favour with investors. It can take time for the market to catch up to reality. But if you are a long-term investor – and we are certainly in that camp – you have the luxury of being able to wait.

    Brazil, for example, is known as a vulnerable market due to the commodities downturn, the ongoing corruption crisis and ensuing political turmoil, but our work suggests to us that it is poised for a potentially significant rebound in the long term. Its current score is low, but its projected future score tells a different story.

    We believe the country has learnt the lessons from the most recent crisis, which brought home the importance of having a sustainable fiscal policy. It has already adopted a flexible exchange rate, has strong foreign exchange reserves and has limited short-term debt. This is also reflected in the country’s improving resilience to external shocks, with a reliance on commodities, at 60 per cent of exports, being the largest remaining negative.

    It is perhaps no surprise, given Brazil’s deep recession and political instability, that there is much work required in terms of improving policy mix, making structural reforms and boosting domestic demand. However, there are signs things are being turned around, with monetary policy already being tightened aggressively to bring inflation expectations back under control, and the previously excessive levels of governmentsubsidised lending being cut. Once political stability returns, the government will be empowered to do even more.

    Work on structural reform should accelerate too, as Brazil’s middle class has made it clear it wants greater transparency and an economic policy framework that can both boost living standards and improve the environment for businesses.

(www.ft.com. 01.09.2016. Adaptado) 

Leia o texto para responder a questão. 

Patience is needed for Brazil to come good again

Michael Hasenstab

Dr. Michael Hasenstab is executive

vice-president, portfolio manager

and chief investment officer of

Templeton Global Macro

    The Olympic Games in Rio drew global interest to Brazil, but the country and the rest of South America has been in sharp focus for investors all year. They have flocked to the region as part of a broader migration into emerging market debt, following record low valuations and the hunt for yield in a low interest rate environment. While investors have been presented with a rarely seen buying opportunity in emerging markets like South America, it is a mistake to regard these countries as a homogenous group.

    That leaves the challenge of working out which are the most attractive opportunities – some of our best known investments were not obvious choices.

    We have devised a formula to help us evaluate the fundamental strength of different emerging market countries. It scores a country’s current and projected strength on five factors: how well it has learnt the lessons from past crises; the quality of its policy mix; the structural reform being undertaken to boost productivity; the level of domestic demand; and its ability to resist external shocks. The aim is to pick nations that are fundamentally strong but, for one reason or another, are out of favour with investors. It can take time for the market to catch up to reality. But if you are a long-term investor – and we are certainly in that camp – you have the luxury of being able to wait.

    Brazil, for example, is known as a vulnerable market due to the commodities downturn, the ongoing corruption crisis and ensuing political turmoil, but our work suggests to us that it is poised for a potentially significant rebound in the long term. Its current score is low, but its projected future score tells a different story.

    We believe the country has learnt the lessons from the most recent crisis, which brought home the importance of having a sustainable fiscal policy. It has already adopted a flexible exchange rate, has strong foreign exchange reserves and has limited short-term debt. This is also reflected in the country’s improving resilience to external shocks, with a reliance on commodities, at 60 per cent of exports, being the largest remaining negative.

    It is perhaps no surprise, given Brazil’s deep recession and political instability, that there is much work required in terms of improving policy mix, making structural reforms and boosting domestic demand. However, there are signs things are being turned around, with monetary policy already being tightened aggressively to bring inflation expectations back under control, and the previously excessive levels of governmentsubsidised lending being cut. Once political stability returns, the government will be empowered to do even more.

    Work on structural reform should accelerate too, as Brazil’s middle class has made it clear it wants greater transparency and an economic policy framework that can both boost living standards and improve the environment for businesses.

(www.ft.com. 01.09.2016. Adaptado) 

Leia o texto para responder a questão. 

Patience is needed for Brazil to come good again

Michael Hasenstab

Dr. Michael Hasenstab is executive

vice-president, portfolio manager

and chief investment officer of

Templeton Global Macro

    The Olympic Games in Rio drew global interest to Brazil, but the country and the rest of South America has been in sharp focus for investors all year. They have flocked to the region as part of a broader migration into emerging market debt, following record low valuations and the hunt for yield in a low interest rate environment. While investors have been presented with a rarely seen buying opportunity in emerging markets like South America, it is a mistake to regard these countries as a homogenous group.

    That leaves the challenge of working out which are the most attractive opportunities – some of our best known investments were not obvious choices.

    We have devised a formula to help us evaluate the fundamental strength of different emerging market countries. It scores a country’s current and projected strength on five factors: how well it has learnt the lessons from past crises; the quality of its policy mix; the structural reform being undertaken to boost productivity; the level of domestic demand; and its ability to resist external shocks. The aim is to pick nations that are fundamentally strong but, for one reason or another, are out of favour with investors. It can take time for the market to catch up to reality. But if you are a long-term investor – and we are certainly in that camp – you have the luxury of being able to wait.

    Brazil, for example, is known as a vulnerable market due to the commodities downturn, the ongoing corruption crisis and ensuing political turmoil, but our work suggests to us that it is poised for a potentially significant rebound in the long term. Its current score is low, but its projected future score tells a different story.

    We believe the country has learnt the lessons from the most recent crisis, which brought home the importance of having a sustainable fiscal policy. It has already adopted a flexible exchange rate, has strong foreign exchange reserves and has limited short-term debt. This is also reflected in the country’s improving resilience to external shocks, with a reliance on commodities, at 60 per cent of exports, being the largest remaining negative.

    It is perhaps no surprise, given Brazil’s deep recession and political instability, that there is much work required in terms of improving policy mix, making structural reforms and boosting domestic demand. However, there are signs things are being turned around, with monetary policy already being tightened aggressively to bring inflation expectations back under control, and the previously excessive levels of governmentsubsidised lending being cut. Once political stability returns, the government will be empowered to do even more.

    Work on structural reform should accelerate too, as Brazil’s middle class has made it clear it wants greater transparency and an economic policy framework that can both boost living standards and improve the environment for businesses.

(www.ft.com. 01.09.2016. Adaptado) 

Leia o texto para responder a questão. 

Patience is needed for Brazil to come good again

Michael Hasenstab

Dr. Michael Hasenstab is executive

vice-president, portfolio manager

and chief investment officer of

Templeton Global Macro

    The Olympic Games in Rio drew global interest to Brazil, but the country and the rest of South America has been in sharp focus for investors all year. They have flocked to the region as part of a broader migration into emerging market debt, following record low valuations and the hunt for yield in a low interest rate environment. While investors have been presented with a rarely seen buying opportunity in emerging markets like South America, it is a mistake to regard these countries as a homogenous group.

    That leaves the challenge of working out which are the most attractive opportunities – some of our best known investments were not obvious choices.

    We have devised a formula to help us evaluate the fundamental strength of different emerging market countries. It scores a country’s current and projected strength on five factors: how well it has learnt the lessons from past crises; the quality of its policy mix; the structural reform being undertaken to boost productivity; the level of domestic demand; and its ability to resist external shocks. The aim is to pick nations that are fundamentally strong but, for one reason or another, are out of favour with investors. It can take time for the market to catch up to reality. But if you are a long-term investor – and we are certainly in that camp – you have the luxury of being able to wait.

    Brazil, for example, is known as a vulnerable market due to the commodities downturn, the ongoing corruption crisis and ensuing political turmoil, but our work suggests to us that it is poised for a potentially significant rebound in the long term. Its current score is low, but its projected future score tells a different story.

    We believe the country has learnt the lessons from the most recent crisis, which brought home the importance of having a sustainable fiscal policy. It has already adopted a flexible exchange rate, has strong foreign exchange reserves and has limited short-term debt. This is also reflected in the country’s improving resilience to external shocks, with a reliance on commodities, at 60 per cent of exports, being the largest remaining negative.

    It is perhaps no surprise, given Brazil’s deep recession and political instability, that there is much work required in terms of improving policy mix, making structural reforms and boosting domestic demand. However, there are signs things are being turned around, with monetary policy already being tightened aggressively to bring inflation expectations back under control, and the previously excessive levels of governmentsubsidised lending being cut. Once political stability returns, the government will be empowered to do even more.

    Work on structural reform should accelerate too, as Brazil’s middle class has made it clear it wants greater transparency and an economic policy framework that can both boost living standards and improve the environment for businesses.

(www.ft.com. 01.09.2016. Adaptado) 

Leia o texto para responder a questão. 

Patience is needed for Brazil to come good again

Michael Hasenstab

Dr. Michael Hasenstab is executive

vice-president, portfolio manager

and chief investment officer of

Templeton Global Macro

    The Olympic Games in Rio drew global interest to Brazil, but the country and the rest of South America has been in sharp focus for investors all year. They have flocked to the region as part of a broader migration into emerging market debt, following record low valuations and the hunt for yield in a low interest rate environment. While investors have been presented with a rarely seen buying opportunity in emerging markets like South America, it is a mistake to regard these countries as a homogenous group.

    That leaves the challenge of working out which are the most attractive opportunities – some of our best known investments were not obvious choices.

    We have devised a formula to help us evaluate the fundamental strength of different emerging market countries. It scores a country’s current and projected strength on five factors: how well it has learnt the lessons from past crises; the quality of its policy mix; the structural reform being undertaken to boost productivity; the level of domestic demand; and its ability to resist external shocks. The aim is to pick nations that are fundamentally strong but, for one reason or another, are out of favour with investors. It can take time for the market to catch up to reality. But if you are a long-term investor – and we are certainly in that camp – you have the luxury of being able to wait.

    Brazil, for example, is known as a vulnerable market due to the commodities downturn, the ongoing corruption crisis and ensuing political turmoil, but our work suggests to us that it is poised for a potentially significant rebound in the long term. Its current score is low, but its projected future score tells a different story.

    We believe the country has learnt the lessons from the most recent crisis, which brought home the importance of having a sustainable fiscal policy. It has already adopted a flexible exchange rate, has strong foreign exchange reserves and has limited short-term debt. This is also reflected in the country’s improving resilience to external shocks, with a reliance on commodities, at 60 per cent of exports, being the largest remaining negative.

    It is perhaps no surprise, given Brazil’s deep recession and political instability, that there is much work required in terms of improving policy mix, making structural reforms and boosting domestic demand. However, there are signs things are being turned around, with monetary policy already being tightened aggressively to bring inflation expectations back under control, and the previously excessive levels of governmentsubsidised lending being cut. Once political stability returns, the government will be empowered to do even more.

    Work on structural reform should accelerate too, as Brazil’s middle class has made it clear it wants greater transparency and an economic policy framework that can both boost living standards and improve the environment for businesses.

(www.ft.com. 01.09.2016. Adaptado) 

Leia o texto para responder a questão. 

Patience is needed for Brazil to come good again

Michael Hasenstab

Dr. Michael Hasenstab is executive

vice-president, portfolio manager

and chief investment officer of

Templeton Global Macro

    The Olympic Games in Rio drew global interest to Brazil, but the country and the rest of South America has been in sharp focus for investors all year. They have flocked to the region as part of a broader migration into emerging market debt, following record low valuations and the hunt for yield in a low interest rate environment. While investors have been presented with a rarely seen buying opportunity in emerging markets like South America, it is a mistake to regard these countries as a homogenous group.

    That leaves the challenge of working out which are the most attractive opportunities – some of our best known investments were not obvious choices.

    We have devised a formula to help us evaluate the fundamental strength of different emerging market countries. It scores a country’s current and projected strength on five factors: how well it has learnt the lessons from past crises; the quality of its policy mix; the structural reform being undertaken to boost productivity; the level of domestic demand; and its ability to resist external shocks. The aim is to pick nations that are fundamentally strong but, for one reason or another, are out of favour with investors. It can take time for the market to catch up to reality. But if you are a long-term investor – and we are certainly in that camp – you have the luxury of being able to wait.

    Brazil, for example, is known as a vulnerable market due to the commodities downturn, the ongoing corruption crisis and ensuing political turmoil, but our work suggests to us that it is poised for a potentially significant rebound in the long term. Its current score is low, but its projected future score tells a different story.

    We believe the country has learnt the lessons from the most recent crisis, which brought home the importance of having a sustainable fiscal policy. It has already adopted a flexible exchange rate, has strong foreign exchange reserves and has limited short-term debt. This is also reflected in the country’s improving resilience to external shocks, with a reliance on commodities, at 60 per cent of exports, being the largest remaining negative.

    It is perhaps no surprise, given Brazil’s deep recession and political instability, that there is much work required in terms of improving policy mix, making structural reforms and boosting domestic demand. However, there are signs things are being turned around, with monetary policy already being tightened aggressively to bring inflation expectations back under control, and the previously excessive levels of governmentsubsidised lending being cut. Once political stability returns, the government will be empowered to do even more.

    Work on structural reform should accelerate too, as Brazil’s middle class has made it clear it wants greater transparency and an economic policy framework that can both boost living standards and improve the environment for businesses.

(www.ft.com. 01.09.2016. Adaptado) 

Leia o texto para responder a questão.

Economists Reduce Outlook for Brazil Inflation – Survey

By Rogerio Jelmayer – Dow Jones Business News 

Shutterstock phot

   Economists reduced their inflation estimate in Brazil for this year and next year, according to the central bank’s weekly survey of 100 economists published Monday. Economists now expect inflation, as measured by the consumer-price index, to be 7.25% this year, compared with last week’s estimate of 7.34%, the survey showed.

     Economists estimate Brazil’s gross domestic product is likely to contract 3.14% this year, compared with an expected contraction of 3.15% in last week’s survey. Last year, Brazil’s economy contracted 3.80%, according to the country’s statistical bureau, IBGE. For 2017, economists reduced their view of GDP growth to 1.30% from 1.36%.

(www.nasdaq.com. 26.06.2016. Adaptado)

Leia o texto para responder a questão.

Economists Reduce Outlook for Brazil Inflation – Survey

By Rogerio Jelmayer – Dow Jones Business News 

Shutterstock phot

   Economists reduced their inflation estimate in Brazil for this year and next year, according to the central bank’s weekly survey of 100 economists published Monday. Economists now expect inflation, as measured by the consumer-price index, to be 7.25% this year, compared with last week’s estimate of 7.34%, the survey showed.

     Economists estimate Brazil’s gross domestic product is likely to contract 3.14% this year, compared with an expected contraction of 3.15% in last week’s survey. Last year, Brazil’s economy contracted 3.80%, according to the country’s statistical bureau, IBGE. For 2017, economists reduced their view of GDP growth to 1.30% from 1.36%.

(www.nasdaq.com. 26.06.2016. Adaptado)