!$ max \, f( \chi, \, y) \\ sujeito \, a \, g ( \chi, \, y; \, \theta ) \, = \, b !$

Os parâmetros reais b e !$ \theta !$ são exógenos. Suponha que as funções f e g são duas vezes continuamente diferenciáveis em todos os seus argumentos. Suponha ainda que o gradiente de g (nas variáveis x e y) nunca se anule. Admita que existe um único ponto crítico !$ (\chi^*(b, \, \theta), \, y^*(b, \, \theta)). !$ aqui expresso como função dos parâmetros. Avalie a afirmativa:

Item 3 - Se !$ g \, (\chi, \, y; \, \theta) \, = \, \theta \chi \, + \, y !$ e se !$ \chi^*(b, \, \theta) \, = \, 0, !$ então !$ { \large \partial V \over \partial \theta} \, = \, 0. !$

Several economists argue that central bankers should consider asset prices along with consumer prices in their inflation targets. The problem with this suggestion is that nobody can prove definitively that share prices are rising because of speculative pressure rather than a genuinely improved outlook. As Alan Greenspan asked in December 1996, “how do we know when irrational exuberance has unduly escalated asset values?” Only in retrospect does the answer to this question become clear.

According to the text:

Item 3 - Central bankers cannot fight speculative bubbles because they can’t tell a speculative bubble from soundly based hikes in asset values.

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 0 - have consistently failed in their attempts to control speculation,

Politicians and economists, pondering the problems caused by unfettered speculation, face an old dilemma. As Alexander Baring, head of the family lately brought down by Nick Leeson, remarked in 1825, any attempt to check speculation might be counterproductive: “the remedy would be worse than the disease, if, in putting a stop to this evil, they (the authorities) put a stop to the spirit of enterprise.”

According to the text,

Item 4 - Nick Leeson remarked that any attempt to control speculation might backfire.

Sobre o papel do Estado na economia brasileira, é correto afirmar que:

Item 2 - As décadas de 1950 e 1960 marcam o aprofundamento da intervenção do Estado em termos de planejamento econômico.