Com respeito à teoria da produção, avalie a afirmativa:

Item 3 - A convexidade das isoquantas implica que a taxa marginal de substituição técnica entre os bens seja decrescente.

With regards to Keynes’s proposals to discourage speculation, the following statements are true:

Item 4 - It is not a settled issue that a tax on capital gains is capable of thwarting stock market bubbles.

Governments have frequently attempted to control speculation by outlawing its tools and practices. Yet on each occasion, speculators have found ways to circumvent regulations. They have also interpreted laws against speculation as a sign of weakness on the part of governments, which has caused them to step up their activities. Keynes whimsically proposed that speculation might be discouraged if people were forced to make investments, like marriage, for life (a solution which would have produced a lifetime of frustration for those unfortunate enough to make a poor initial choice). More seriously, he considered a penal rate of capital gains tax on short-term holdings. As we have seen, however, high rates of capital gains tax on short-term property investments in Japan actually stimulated the Tokyo property boom in the 1980s by reducing liquidity in the market. It is arguable that taxes on capital gains actually contribute to stock market bubbles since investors with large profits become reluctant to sell even when they believe stocks are overvalued. Keynes also suggested that a transaction tax be levied on U.S. share purchases on the grounds that “casinos should, in the public interest, be inaccessible and expensive.”

According to the text, governments

Item 1 - outlawed speculation;

Com respeito ao efeito renda e substituição, avalie a afirmativa:

Item 1 - O efeito substituição de Slutsky corresponde a modificações na quantidade demandada de um bem associadas a variações de seu preço, mantendo-se constante o poder aquisitivo do consumidor.

TEXT

THE THIRD DEGREE

(Edward Chancellor. The devil take the hindmost: a history of

financial speculation. New York: Plume Books, 1999: 345-349.)

John Maynard Keynes’s personal and successful experience of speculation led him to the conclusion that markets were fundamentally inefficient. In his General Theory, Keynes defined speculation as the attempt to forecast changes in the psychology of the market. He likened speculation to a newspaper competition in which the competitors have to pick out six prettiest faces from hundreds of photographs,

“so that each has to pick, not those faces which he himself finds prettiest, but those which he thinks likeliest to catch the fancy of the other competitors, all of whom are looking at the problem from the same point of view... We have reached the third degree where we devote our intelligences to anticipating what average opinion expects the average opinion to be.”

According to the text, Keynes

Item 1 - liked competition;

Seja v(z) a função que associa a cada !$ z \, \in \, R^2_+, !$ o valor máximo da função !$ f ,\ (\chi, \, y) \, = \, \chi y !$ na região !$ \{ (\chi, \, y) \, \in \, R^2_+ \, : \, 5 \chi \, + \, 3 \, y \, = \, z \}. !$ Avalie a afirmativa:

Item 4 - !$ v(0) \, = \, - \, \infty. !$

Speculation which is a beneficial, indeed vital, component of the capitalist process has come to dominate the system to an unhealthy degree. To repeat Keynes’s warning from the 1930s: “when the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done.” Momentum trading, trend-following speculators, overleveraged hedge funds, and corporate managements obsessed with daily fluctuations in share quotations are unlikely to produce the optimal distribution of scarce resources in the global economy. We have reached Keynes’s “third degree.”

The text leads to the conclusion that speculation

Item 4 - is a by-product of the activities of a casino.

With regards to Keynes’s proposals to discourage speculation, the following statements are true:

Item 3 - Capital gains on short term holdings should be heavily taxed.