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 0 - enjoyed speculation;

Dispondo de renda M, um consumidor deve escolher entre os bens X e Y, cujas quantidades e preços são representadas, respectivamente, por x e y e p_x e p_y. Julgue a afirmativa:

Item 4 - Se sua função utilidade for !$ U \, ( \chi, \, y) \, = \, \chi \, + \, In \, (y), !$ coeteris paribus, um aumento de renda não provocará alteração no consumo de X.

A respeito do modelo de regressão múltipla:

!$ Y_i \, = \, \beta_0 \, + \, \beta_1 \, X_{1i} \, + \, \beta_2 X_{2i} \, + \, e_i !$

em que !$ e_i !$ tem média zero e variância !$ \sigma^2, !$ são correta a afirmativa:

Item 2 - Se os erros são heterocedásticos, ainda assim os testes usuais t e F podem, sem prejuízo algum, ser empregados para se testar a significância dos parâmetros do modelo, caso estes sejam estimados por Mínimos Quadrados Ordinários.

Dadas as funções !$ f \, (\chi) \, = \, { \large \chi^2 \, - \, 3 \over \chi \, - \, 1} !$ e !$ g( \chi) \, = \, \sqrt{ \chi \, - \, 1}, !$ avalie a afirmativa:

Item 1 - O domínio da função composta !$ h \, = \, g \, o \, f \, !$ é !$ [ -1,1) \, \cup \, [2, \, + \infty). !$

Dadas as funções !$ f \, (\chi) \, = \, { \large \chi^2 \, - \, 3 \over \chi \, - \, 1} !$ e !$ g( \chi) \, = \, \sqrt{ \chi \, - \, 1}, !$ avalie a afirmativa:

Item 0 - !$ g \, o \, f \, (\chi) \, = \, \sqrt{ \large \chi^2 \, - \, \chi \, - \, 1 \over \chi \, - \, 1}. !$

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 2 - Alexander Baring alerted to the risks which attempts to curb speculation might pose;

According to the text, speculation

Item 2 - is an anarchic force: It demands continuing government restrictions, but cannot be controlled;

Avalie as afirmativas:

Dada a matriz !$ A \, = \, \begin {pmatrix} 1 \,\, 2 \,\, 3 \,\, 4 \\ 0 \,\, 5 \,\, 6 \,\, 7 \\ 0 \,\, 0 \,\, 8 \,\, 9 \\ 0 \,\, 0 \,\, 0 \,\, 10 \end {pmatrix} !$

Item 4 - A dimensão do núcleo da matriz !$ ( A \, - \, 5I_4) !$ é maior ou igual a dois.