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 2 - are too weak to bring speculators under heel;

De 1968 a 1973 a economia brasileira registrou elevadas taxas de crescimento econômico combinadas com taxas de inflação estáveis ou declinantes. Sobre esta fase, denominada de “Milagre Econômico”, é correto afirmar:

Item 1 - O crescimento industrial ocorreu inicialmente com base na utilização da capacidade ociosa herdada do período anterior.

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 1 - Nick Leeson brought the head of Alexander Baring’s family down;

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 0 - is a vital component of the capitalist process;

Com relação ao Plano Real e seus impactos sobre a economia, é correto afirmar que:

Item 2 - Os limites fixados para a expansão da base monetária quando da introdução do Real mostraram-se adequados à demanda por moeda.

Avalie a afirmativa:

Item 0 - !$ lim \,\, { \large In \, \chi \over \chi} \, = \, 1. \\ \chi \, \rightarrow \, \infty !$