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 3 - have often tried to outsmart speculators;

Furthermore, the central banker’s main tool for controlling speculation is raising interest rates. As long as speculators continue to anticipate large profits from capital gains they are not deterred by high interest rates. And, as Keynes observed in the 1930s, raising interest rates to control speculation at the end of the business cycle damages the whole economy. The only other tool left to central bankers is to issue warnings to speculators to desist from their activities – what was called “moral suasion” in the 1920s. Time and time again, such warnings have been made by authorities and on no occasion have speculators heeded a word.

According to the text:

Item 4 - Consistently, speculators are undaunted by warnings made by authorities that they should desist from their activities.

Avalie a afirmativa:

Item 2 - A função !$ f (\chi) \, = \, { \large e^\chi \, - \, e^{-\chi} \over 2} !$ atinge um máximo em x = 0.

Sobre a economia brasileira no período compreendido pelas duas guerras mundiais, é correto afirmar que:

Item 3 - Durante a Segunda Guerra Mundial a capacidade produtiva cresceu mais rapidamente que a produção.