Questõesde FGV 2016

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70741770-b6
FGV 2016 - Física - Cinemática, Lançamento Vertical

Os Jogos Olímpicos recém-realizados no Rio de Janeiro promoveram uma verdadeira festa esportiva, acompanhada pelo mundo inteiro. O salto em altura foi uma das modalidades de atletismo que mais chamou a atenção, porque o recorde mundial está com o atleta cubano Javier Sotomayor desde 1993, quando, em Salamanca, ele atingiu a altura de 2,45 m,marca que ninguém, nem ele mesmo, em competições posteriores, conseguiria superar. A foto a seguir mostra o atletaem pleno salto. 

(Wikipedia) 

Considere que, antes do salto, o centro de massa desse atleta estava a 1,0 m do solo; no ponto mais alto do salto, seu corpo estava totalmente na horizontal e ali sua velocidade era de 2 ·√5 m/s; a aceleração da gravidade é 10 m/s2; e não houve interferências passivas. Para atingir a altura recorde,ele deve ter partido do solo a uma velocidade inicial, em m/s, de

A
7,0.
B
6,8.
C
6,6.
D
6,4.
E
6,2.
7061bead-b6
FGV 2016 - Física - Grandezas e Unidades, Conteúdos Básicos

A área de um vitral quadrado foi apresentada com o valor de 1,960·102 m2 . A menor divisão da trena com a qual foram medidas a base e a altura do vitral foi o

A
metro.
B
decímetro.
C
centímetro.
D
milímetro.
E
décimo de milímetro.
706be2f7-b6
FGV 2016 - Física - Física Moderna, Relatividade

A nave “New Horizons”, cuja foto é apresentada a seguir, partiu do Cabo Canaveral em janeiro de 2006 e chegou bem perto de Plutão em julho de 2015. Foram mais de 9 anos no espaço, voando a 21 km/s. É uma velocidade muito alta para nossos padrões aqui na Terra, mas muito baixa se comparada aos 300000 km/s da velocidade da luz no vácuo.
(http://goo.gl/oeSWn)

Considere uma nave que possa voar a uma velocidade igual a 80% da velocidade da luz e cuja viagem dure 9 anos para nós, observadores localizados na Terra. Para um astronauta no interior dessa nave, tal viagem duraria cerca de

A
4,1 anos.
B
5,4 anos.
C
6,5 anos.
D
15 anos.
E
20,5 anos.
706fdbdb-b6
FGV 2016 - Física - Campo e Força Magnética, Magnetismo

Uma partícula eletrizada de massa m gira no interior de um campo magnético uniforme descrevendo um movimento circular uniforme de raio R e frequência f. Então um sistema de n partículas iguais a essa, girando nas mesmas condições, estará dotado de uma energia cinética dada por

A
2 ·π2 ·f2 ·n·m·R2
B
2 . π2 . f2 . n . m / R2
C
2 . π2 . f2 . n / m . R2
D
n . m / 2. π2 . f2 . R2
E
n . m . R2 / 2 . π2 . f2
70670760-b6
FGV 2016 - Física - Cinemática, Gráficos do MRU e MRUV

O gráfico horário da posição (S), em função do tempo (t), descreve, qualitativamente, o deslocamento de um veículo sobre uma trajetória. As curvas, nos trechos A, B e D, são arcos de parábola cujos vértices estão presentes no gráfico.

Analisando o gráfico, é correto concluir que

A
a trajetória por onde o veículo se move é sinuosa nos trechos A, B e D e retilínea no trecho C.
B
a trajetória por onde o veículo se move é toda retilínea, mas com lombada em B e valetas em A e D.
C
o trecho B é percorrido em movimento uniformemente desacelerado e retrógrado.
D
nos trechos A e D, o veículo se desloca em movimentos uniformemente acelerados com velocidade inicial nula.
E
a velocidade escalar do veículo no trecho C é constante e não nula, sendo variável nos outros trechos.
703d2ffd-b6
FGV 2016 - Inglês - Advérbios e conjunções | Adverbs and conjunctions

In the excerpt of the fourth paragraph “Brazil, for example, is known as a vulnerable market due to the commodities downturn”, the expression in bold introduces a

Leia o texto para responder a questão. 

Patience is needed for Brazil to come good again

Michael Hasenstab

Dr. Michael Hasenstab is executive

vice-president, portfolio manager

and chief investment officer of

Templeton Global Macro


    The Olympic Games in Rio drew global interest to Brazil, but the country and the rest of South America has been in sharp focus for investors all year. They have flocked to the region as part of a broader migration into emerging market debt, following record low valuations and the hunt for yield in a low interest rate environment. While investors have been presented with a rarely seen buying opportunity in emerging markets like South America, it is a mistake to regard these countries as a homogenous group.

    That leaves the challenge of working out which are the most attractive opportunities – some of our best known investments were not obvious choices.

    We have devised a formula to help us evaluate the fundamental strength of different emerging market countries. It scores a country’s current and projected strength on five factors: how well it has learnt the lessons from past crises; the quality of its policy mix; the structural reform being undertaken to boost productivity; the level of domestic demand; and its ability to resist external shocks. The aim is to pick nations that are fundamentally strong but, for one reason or another, are out of favour with investors. It can take time for the market to catch up to reality. But if you are a long-term investor – and we are certainly in that camp – you have the luxury of being able to wait.

    Brazil, for example, is known as a vulnerable market due to the commodities downturn, the ongoing corruption crisis and ensuing political turmoil, but our work suggests to us that it is poised for a potentially significant rebound in the long term. Its current score is low, but its projected future score tells a different story.

    We believe the country has learnt the lessons from the most recent crisis, which brought home the importance of having a sustainable fiscal policy. It has already adopted a flexible exchange rate, has strong foreign exchange reserves and has limited short-term debt. This is also reflected in the country’s improving resilience to external shocks, with a reliance on commodities, at 60 per cent of exports, being the largest remaining negative.

    It is perhaps no surprise, given Brazil’s deep recession and political instability, that there is much work required in terms of improving policy mix, making structural reforms and boosting domestic demand. However, there are signs things are being turned around, with monetary policy already being tightened aggressively to bring inflation expectations back under control, and the previously excessive levels of governmentsubsidised lending being cut. Once political stability returns, the government will be empowered to do even more.

    Work on structural reform should accelerate too, as Brazil’s middle class has made it clear it wants greater transparency and an economic policy framework that can both boost living standards and improve the environment for businesses.

(www.ft.com. 01.09.2016. Adaptado) 

A
contrast.
B
probability.
C
rank.
D
cause.
E
consequence.
705ce085-b6
FGV 2016 - Inglês - Interpretação de texto | Reading comprehension

The survey mentioned in the text

Leia o texto para responder a questão.


Economists Reduce Outlook for Brazil Inflation – Survey

By Rogerio Jelmayer – Dow Jones Business News 


Shutterstock phot


   Economists reduced their inflation estimate in Brazil for this year and next year, according to the central bank’s weekly survey of 100 economists published Monday. Economists now expect inflation, as measured by the consumer-price index, to be 7.25% this year, compared with last week’s estimate of 7.34%, the survey showed.

     Economists estimate Brazil’s gross domestic product is likely to contract 3.14% this year, compared with an expected contraction of 3.15% in last week’s survey. Last year, Brazil’s economy contracted 3.80%, according to the country’s statistical bureau, IBGE. For 2017, economists reduced their view of GDP growth to 1.30% from 1.36%.

(www.nasdaq.com. 26.06.2016. Adaptado)

A
was conducted by central bank’s economists.
B
revealed that inflation estimate lowered for 2016.
C
compared past established inflation rates.
D
provided reliable data based on future expectations.
E
demonstrated that gross domestic product in Brazil won’t improve.
70420305-b6
FGV 2016 - Inglês - Interpretação de texto | Reading comprehension

Based on the fourth paragraph, the fifth paragraph presents Brazil as

Leia o texto para responder a questão. 

Patience is needed for Brazil to come good again

Michael Hasenstab

Dr. Michael Hasenstab is executive

vice-president, portfolio manager

and chief investment officer of

Templeton Global Macro


    The Olympic Games in Rio drew global interest to Brazil, but the country and the rest of South America has been in sharp focus for investors all year. They have flocked to the region as part of a broader migration into emerging market debt, following record low valuations and the hunt for yield in a low interest rate environment. While investors have been presented with a rarely seen buying opportunity in emerging markets like South America, it is a mistake to regard these countries as a homogenous group.

    That leaves the challenge of working out which are the most attractive opportunities – some of our best known investments were not obvious choices.

    We have devised a formula to help us evaluate the fundamental strength of different emerging market countries. It scores a country’s current and projected strength on five factors: how well it has learnt the lessons from past crises; the quality of its policy mix; the structural reform being undertaken to boost productivity; the level of domestic demand; and its ability to resist external shocks. The aim is to pick nations that are fundamentally strong but, for one reason or another, are out of favour with investors. It can take time for the market to catch up to reality. But if you are a long-term investor – and we are certainly in that camp – you have the luxury of being able to wait.

    Brazil, for example, is known as a vulnerable market due to the commodities downturn, the ongoing corruption crisis and ensuing political turmoil, but our work suggests to us that it is poised for a potentially significant rebound in the long term. Its current score is low, but its projected future score tells a different story.

    We believe the country has learnt the lessons from the most recent crisis, which brought home the importance of having a sustainable fiscal policy. It has already adopted a flexible exchange rate, has strong foreign exchange reserves and has limited short-term debt. This is also reflected in the country’s improving resilience to external shocks, with a reliance on commodities, at 60 per cent of exports, being the largest remaining negative.

    It is perhaps no surprise, given Brazil’s deep recession and political instability, that there is much work required in terms of improving policy mix, making structural reforms and boosting domestic demand. However, there are signs things are being turned around, with monetary policy already being tightened aggressively to bring inflation expectations back under control, and the previously excessive levels of governmentsubsidised lending being cut. Once political stability returns, the government will be empowered to do even more.

    Work on structural reform should accelerate too, as Brazil’s middle class has made it clear it wants greater transparency and an economic policy framework that can both boost living standards and improve the environment for businesses.

(www.ft.com. 01.09.2016. Adaptado) 

A
a dominant market because its score is low.
B
a country on the way of future recovery.
C
too dependent on commodity production.
D
an immediate solid investment option.
E
a politically unstable country.
7046fa3b-b6
FGV 2016 - Inglês - Interpretação de texto | Reading comprehension

In the sixth paragraph, the text indicates Brazil should

Leia o texto para responder a questão. 

Patience is needed for Brazil to come good again

Michael Hasenstab

Dr. Michael Hasenstab is executive

vice-president, portfolio manager

and chief investment officer of

Templeton Global Macro


    The Olympic Games in Rio drew global interest to Brazil, but the country and the rest of South America has been in sharp focus for investors all year. They have flocked to the region as part of a broader migration into emerging market debt, following record low valuations and the hunt for yield in a low interest rate environment. While investors have been presented with a rarely seen buying opportunity in emerging markets like South America, it is a mistake to regard these countries as a homogenous group.

    That leaves the challenge of working out which are the most attractive opportunities – some of our best known investments were not obvious choices.

    We have devised a formula to help us evaluate the fundamental strength of different emerging market countries. It scores a country’s current and projected strength on five factors: how well it has learnt the lessons from past crises; the quality of its policy mix; the structural reform being undertaken to boost productivity; the level of domestic demand; and its ability to resist external shocks. The aim is to pick nations that are fundamentally strong but, for one reason or another, are out of favour with investors. It can take time for the market to catch up to reality. But if you are a long-term investor – and we are certainly in that camp – you have the luxury of being able to wait.

    Brazil, for example, is known as a vulnerable market due to the commodities downturn, the ongoing corruption crisis and ensuing political turmoil, but our work suggests to us that it is poised for a potentially significant rebound in the long term. Its current score is low, but its projected future score tells a different story.

    We believe the country has learnt the lessons from the most recent crisis, which brought home the importance of having a sustainable fiscal policy. It has already adopted a flexible exchange rate, has strong foreign exchange reserves and has limited short-term debt. This is also reflected in the country’s improving resilience to external shocks, with a reliance on commodities, at 60 per cent of exports, being the largest remaining negative.

    It is perhaps no surprise, given Brazil’s deep recession and political instability, that there is much work required in terms of improving policy mix, making structural reforms and boosting domestic demand. However, there are signs things are being turned around, with monetary policy already being tightened aggressively to bring inflation expectations back under control, and the previously excessive levels of governmentsubsidised lending being cut. Once political stability returns, the government will be empowered to do even more.

    Work on structural reform should accelerate too, as Brazil’s middle class has made it clear it wants greater transparency and an economic policy framework that can both boost living standards and improve the environment for businesses.

(www.ft.com. 01.09.2016. Adaptado) 

A
turn things around.
B
tighten monetary policy.
C
stop creating surprises.
D
cut excessive lending.
E
increase domestic demand.
7053d6b9-b6
FGV 2016 - Inglês - Vocabulário | Vocabulary, Interpretação de texto | Reading comprehension

In the excerpt of the seventh paragraph “Work on structural reform should accelerate too”, the word in bold can be replaced, without meaning change, by

Leia o texto para responder a questão. 

Patience is needed for Brazil to come good again

Michael Hasenstab

Dr. Michael Hasenstab is executive

vice-president, portfolio manager

and chief investment officer of

Templeton Global Macro


    The Olympic Games in Rio drew global interest to Brazil, but the country and the rest of South America has been in sharp focus for investors all year. They have flocked to the region as part of a broader migration into emerging market debt, following record low valuations and the hunt for yield in a low interest rate environment. While investors have been presented with a rarely seen buying opportunity in emerging markets like South America, it is a mistake to regard these countries as a homogenous group.

    That leaves the challenge of working out which are the most attractive opportunities – some of our best known investments were not obvious choices.

    We have devised a formula to help us evaluate the fundamental strength of different emerging market countries. It scores a country’s current and projected strength on five factors: how well it has learnt the lessons from past crises; the quality of its policy mix; the structural reform being undertaken to boost productivity; the level of domestic demand; and its ability to resist external shocks. The aim is to pick nations that are fundamentally strong but, for one reason or another, are out of favour with investors. It can take time for the market to catch up to reality. But if you are a long-term investor – and we are certainly in that camp – you have the luxury of being able to wait.

    Brazil, for example, is known as a vulnerable market due to the commodities downturn, the ongoing corruption crisis and ensuing political turmoil, but our work suggests to us that it is poised for a potentially significant rebound in the long term. Its current score is low, but its projected future score tells a different story.

    We believe the country has learnt the lessons from the most recent crisis, which brought home the importance of having a sustainable fiscal policy. It has already adopted a flexible exchange rate, has strong foreign exchange reserves and has limited short-term debt. This is also reflected in the country’s improving resilience to external shocks, with a reliance on commodities, at 60 per cent of exports, being the largest remaining negative.

    It is perhaps no surprise, given Brazil’s deep recession and political instability, that there is much work required in terms of improving policy mix, making structural reforms and boosting domestic demand. However, there are signs things are being turned around, with monetary policy already being tightened aggressively to bring inflation expectations back under control, and the previously excessive levels of governmentsubsidised lending being cut. Once political stability returns, the government will be empowered to do even more.

    Work on structural reform should accelerate too, as Brazil’s middle class has made it clear it wants greater transparency and an economic policy framework that can both boost living standards and improve the environment for businesses.

(www.ft.com. 01.09.2016. Adaptado) 

A
used to.
B
ought to.
C
had to.
D
might
E
would.
70503cb3-b6
FGV 2016 - Inglês - Vocabulário | Vocabulary, Interpretação de texto | Reading comprehension

In the excerpt of the sixth paragraph “Once political stability returns, the government will be empowered to do even more”, the word in bold expresses an idea of

Leia o texto para responder a questão. 

Patience is needed for Brazil to come good again

Michael Hasenstab

Dr. Michael Hasenstab is executive

vice-president, portfolio manager

and chief investment officer of

Templeton Global Macro


    The Olympic Games in Rio drew global interest to Brazil, but the country and the rest of South America has been in sharp focus for investors all year. They have flocked to the region as part of a broader migration into emerging market debt, following record low valuations and the hunt for yield in a low interest rate environment. While investors have been presented with a rarely seen buying opportunity in emerging markets like South America, it is a mistake to regard these countries as a homogenous group.

    That leaves the challenge of working out which are the most attractive opportunities – some of our best known investments were not obvious choices.

    We have devised a formula to help us evaluate the fundamental strength of different emerging market countries. It scores a country’s current and projected strength on five factors: how well it has learnt the lessons from past crises; the quality of its policy mix; the structural reform being undertaken to boost productivity; the level of domestic demand; and its ability to resist external shocks. The aim is to pick nations that are fundamentally strong but, for one reason or another, are out of favour with investors. It can take time for the market to catch up to reality. But if you are a long-term investor – and we are certainly in that camp – you have the luxury of being able to wait.

    Brazil, for example, is known as a vulnerable market due to the commodities downturn, the ongoing corruption crisis and ensuing political turmoil, but our work suggests to us that it is poised for a potentially significant rebound in the long term. Its current score is low, but its projected future score tells a different story.

    We believe the country has learnt the lessons from the most recent crisis, which brought home the importance of having a sustainable fiscal policy. It has already adopted a flexible exchange rate, has strong foreign exchange reserves and has limited short-term debt. This is also reflected in the country’s improving resilience to external shocks, with a reliance on commodities, at 60 per cent of exports, being the largest remaining negative.

    It is perhaps no surprise, given Brazil’s deep recession and political instability, that there is much work required in terms of improving policy mix, making structural reforms and boosting domestic demand. However, there are signs things are being turned around, with monetary policy already being tightened aggressively to bring inflation expectations back under control, and the previously excessive levels of governmentsubsidised lending being cut. Once political stability returns, the government will be empowered to do even more.

    Work on structural reform should accelerate too, as Brazil’s middle class has made it clear it wants greater transparency and an economic policy framework that can both boost living standards and improve the environment for businesses.

(www.ft.com. 01.09.2016. Adaptado) 

A
uniqueness.
B
consequence.
C
condition.
D
substitution.
E
purpose.
70591b51-b6
FGV 2016 - Inglês - Interpretação de texto | Reading comprehension

In the title of the text, the word “outlook” means

Leia o texto para responder a questão.


Economists Reduce Outlook for Brazil Inflation – Survey

By Rogerio Jelmayer – Dow Jones Business News 


Shutterstock phot


   Economists reduced their inflation estimate in Brazil for this year and next year, according to the central bank’s weekly survey of 100 economists published Monday. Economists now expect inflation, as measured by the consumer-price index, to be 7.25% this year, compared with last week’s estimate of 7.34%, the survey showed.

     Economists estimate Brazil’s gross domestic product is likely to contract 3.14% this year, compared with an expected contraction of 3.15% in last week’s survey. Last year, Brazil’s economy contracted 3.80%, according to the country’s statistical bureau, IBGE. For 2017, economists reduced their view of GDP growth to 1.30% from 1.36%.

(www.nasdaq.com. 26.06.2016. Adaptado)

A
prospect.
B
opinion.
C
quality.
D
nature.
E
aspect.
704badbf-b6
FGV 2016 - Inglês - Aspectos linguísticos | Linguistic aspects, Vocabulário | Vocabulary, Interpretação de texto | Reading comprehension

In the excerpt of the sixth paragraph “However, there are signs things are being turned around” the word in bold can be replaced, without meaning change, by

Leia o texto para responder a questão. 

Patience is needed for Brazil to come good again

Michael Hasenstab

Dr. Michael Hasenstab is executive

vice-president, portfolio manager

and chief investment officer of

Templeton Global Macro


    The Olympic Games in Rio drew global interest to Brazil, but the country and the rest of South America has been in sharp focus for investors all year. They have flocked to the region as part of a broader migration into emerging market debt, following record low valuations and the hunt for yield in a low interest rate environment. While investors have been presented with a rarely seen buying opportunity in emerging markets like South America, it is a mistake to regard these countries as a homogenous group.

    That leaves the challenge of working out which are the most attractive opportunities – some of our best known investments were not obvious choices.

    We have devised a formula to help us evaluate the fundamental strength of different emerging market countries. It scores a country’s current and projected strength on five factors: how well it has learnt the lessons from past crises; the quality of its policy mix; the structural reform being undertaken to boost productivity; the level of domestic demand; and its ability to resist external shocks. The aim is to pick nations that are fundamentally strong but, for one reason or another, are out of favour with investors. It can take time for the market to catch up to reality. But if you are a long-term investor – and we are certainly in that camp – you have the luxury of being able to wait.

    Brazil, for example, is known as a vulnerable market due to the commodities downturn, the ongoing corruption crisis and ensuing political turmoil, but our work suggests to us that it is poised for a potentially significant rebound in the long term. Its current score is low, but its projected future score tells a different story.

    We believe the country has learnt the lessons from the most recent crisis, which brought home the importance of having a sustainable fiscal policy. It has already adopted a flexible exchange rate, has strong foreign exchange reserves and has limited short-term debt. This is also reflected in the country’s improving resilience to external shocks, with a reliance on commodities, at 60 per cent of exports, being the largest remaining negative.

    It is perhaps no surprise, given Brazil’s deep recession and political instability, that there is much work required in terms of improving policy mix, making structural reforms and boosting domestic demand. However, there are signs things are being turned around, with monetary policy already being tightened aggressively to bring inflation expectations back under control, and the previously excessive levels of governmentsubsidised lending being cut. Once political stability returns, the government will be empowered to do even more.

    Work on structural reform should accelerate too, as Brazil’s middle class has made it clear it wants greater transparency and an economic policy framework that can both boost living standards and improve the environment for businesses.

(www.ft.com. 01.09.2016. Adaptado) 

A
Nevertheless.
B
Inasmuch.
C
Unless.
D
Furthermore.
E
Throughout.
70300fe2-b6
FGV 2016 - Inglês - Interpretação de texto | Reading comprehension

According to the third paragraph, the objective of the formula is to

Leia o texto para responder a questão. 

Patience is needed for Brazil to come good again

Michael Hasenstab

Dr. Michael Hasenstab is executive

vice-president, portfolio manager

and chief investment officer of

Templeton Global Macro


    The Olympic Games in Rio drew global interest to Brazil, but the country and the rest of South America has been in sharp focus for investors all year. They have flocked to the region as part of a broader migration into emerging market debt, following record low valuations and the hunt for yield in a low interest rate environment. While investors have been presented with a rarely seen buying opportunity in emerging markets like South America, it is a mistake to regard these countries as a homogenous group.

    That leaves the challenge of working out which are the most attractive opportunities – some of our best known investments were not obvious choices.

    We have devised a formula to help us evaluate the fundamental strength of different emerging market countries. It scores a country’s current and projected strength on five factors: how well it has learnt the lessons from past crises; the quality of its policy mix; the structural reform being undertaken to boost productivity; the level of domestic demand; and its ability to resist external shocks. The aim is to pick nations that are fundamentally strong but, for one reason or another, are out of favour with investors. It can take time for the market to catch up to reality. But if you are a long-term investor – and we are certainly in that camp – you have the luxury of being able to wait.

    Brazil, for example, is known as a vulnerable market due to the commodities downturn, the ongoing corruption crisis and ensuing political turmoil, but our work suggests to us that it is poised for a potentially significant rebound in the long term. Its current score is low, but its projected future score tells a different story.

    We believe the country has learnt the lessons from the most recent crisis, which brought home the importance of having a sustainable fiscal policy. It has already adopted a flexible exchange rate, has strong foreign exchange reserves and has limited short-term debt. This is also reflected in the country’s improving resilience to external shocks, with a reliance on commodities, at 60 per cent of exports, being the largest remaining negative.

    It is perhaps no surprise, given Brazil’s deep recession and political instability, that there is much work required in terms of improving policy mix, making structural reforms and boosting domestic demand. However, there are signs things are being turned around, with monetary policy already being tightened aggressively to bring inflation expectations back under control, and the previously excessive levels of governmentsubsidised lending being cut. Once political stability returns, the government will be empowered to do even more.

    Work on structural reform should accelerate too, as Brazil’s middle class has made it clear it wants greater transparency and an economic policy framework that can both boost living standards and improve the environment for businesses.

(www.ft.com. 01.09.2016. Adaptado) 

A
identify the reasons why investors favour a certain market.
B
spot a still unfamiliar strong market to invest in the long run.
C
rank all nations in terms of future reliability.
D
recommend good options to invest without waiting too long.
E
find investors for emerging strong countries.
702712c4-b6
FGV 2016 - Inglês - Interpretação de texto | Reading comprehension

In the excerpt of the second paragraph “That leaves the challenge of working out which are the most attractive opportunities”, the word in bold refers to the idea that

Leia o texto para responder a questão. 

Patience is needed for Brazil to come good again

Michael Hasenstab

Dr. Michael Hasenstab is executive

vice-president, portfolio manager

and chief investment officer of

Templeton Global Macro


    The Olympic Games in Rio drew global interest to Brazil, but the country and the rest of South America has been in sharp focus for investors all year. They have flocked to the region as part of a broader migration into emerging market debt, following record low valuations and the hunt for yield in a low interest rate environment. While investors have been presented with a rarely seen buying opportunity in emerging markets like South America, it is a mistake to regard these countries as a homogenous group.

    That leaves the challenge of working out which are the most attractive opportunities – some of our best known investments were not obvious choices.

    We have devised a formula to help us evaluate the fundamental strength of different emerging market countries. It scores a country’s current and projected strength on five factors: how well it has learnt the lessons from past crises; the quality of its policy mix; the structural reform being undertaken to boost productivity; the level of domestic demand; and its ability to resist external shocks. The aim is to pick nations that are fundamentally strong but, for one reason or another, are out of favour with investors. It can take time for the market to catch up to reality. But if you are a long-term investor – and we are certainly in that camp – you have the luxury of being able to wait.

    Brazil, for example, is known as a vulnerable market due to the commodities downturn, the ongoing corruption crisis and ensuing political turmoil, but our work suggests to us that it is poised for a potentially significant rebound in the long term. Its current score is low, but its projected future score tells a different story.

    We believe the country has learnt the lessons from the most recent crisis, which brought home the importance of having a sustainable fiscal policy. It has already adopted a flexible exchange rate, has strong foreign exchange reserves and has limited short-term debt. This is also reflected in the country’s improving resilience to external shocks, with a reliance on commodities, at 60 per cent of exports, being the largest remaining negative.

    It is perhaps no surprise, given Brazil’s deep recession and political instability, that there is much work required in terms of improving policy mix, making structural reforms and boosting domestic demand. However, there are signs things are being turned around, with monetary policy already being tightened aggressively to bring inflation expectations back under control, and the previously excessive levels of governmentsubsidised lending being cut. Once political stability returns, the government will be empowered to do even more.

    Work on structural reform should accelerate too, as Brazil’s middle class has made it clear it wants greater transparency and an economic policy framework that can both boost living standards and improve the environment for businesses.

(www.ft.com. 01.09.2016. Adaptado) 

A
there are rarely seen buying opportunities.
B
interest rates are extremely low.
C
there is fear of a broad migration.
D
South American countries are not all the same.
E
Brazilian Market stands out in South America.
702bed7c-b6
FGV 2016 - Inglês - Interpretação de texto | Reading comprehension

The formula mentioned in the third paragraph

Leia o texto para responder a questão. 

Patience is needed for Brazil to come good again

Michael Hasenstab

Dr. Michael Hasenstab is executive

vice-president, portfolio manager

and chief investment officer of

Templeton Global Macro


    The Olympic Games in Rio drew global interest to Brazil, but the country and the rest of South America has been in sharp focus for investors all year. They have flocked to the region as part of a broader migration into emerging market debt, following record low valuations and the hunt for yield in a low interest rate environment. While investors have been presented with a rarely seen buying opportunity in emerging markets like South America, it is a mistake to regard these countries as a homogenous group.

    That leaves the challenge of working out which are the most attractive opportunities – some of our best known investments were not obvious choices.

    We have devised a formula to help us evaluate the fundamental strength of different emerging market countries. It scores a country’s current and projected strength on five factors: how well it has learnt the lessons from past crises; the quality of its policy mix; the structural reform being undertaken to boost productivity; the level of domestic demand; and its ability to resist external shocks. The aim is to pick nations that are fundamentally strong but, for one reason or another, are out of favour with investors. It can take time for the market to catch up to reality. But if you are a long-term investor – and we are certainly in that camp – you have the luxury of being able to wait.

    Brazil, for example, is known as a vulnerable market due to the commodities downturn, the ongoing corruption crisis and ensuing political turmoil, but our work suggests to us that it is poised for a potentially significant rebound in the long term. Its current score is low, but its projected future score tells a different story.

    We believe the country has learnt the lessons from the most recent crisis, which brought home the importance of having a sustainable fiscal policy. It has already adopted a flexible exchange rate, has strong foreign exchange reserves and has limited short-term debt. This is also reflected in the country’s improving resilience to external shocks, with a reliance on commodities, at 60 per cent of exports, being the largest remaining negative.

    It is perhaps no surprise, given Brazil’s deep recession and political instability, that there is much work required in terms of improving policy mix, making structural reforms and boosting domestic demand. However, there are signs things are being turned around, with monetary policy already being tightened aggressively to bring inflation expectations back under control, and the previously excessive levels of governmentsubsidised lending being cut. Once political stability returns, the government will be empowered to do even more.

    Work on structural reform should accelerate too, as Brazil’s middle class has made it clear it wants greater transparency and an economic policy framework that can both boost living standards and improve the environment for businesses.

(www.ft.com. 01.09.2016. Adaptado) 

A
should devise at least five items that have to predict the market future.
B
is based on the existing strength of the emerging markets.
C
establishes how domestic demand is able to resist external shocks.
D
predicts future behaviour from past crises.
E
helps to grade emerging market countries strength.
7034a9fc-b6
FGV 2016 - Inglês - Interpretação de texto | Reading comprehension

In the excerpt of the third paragraph “We have devised a formula to help us evaluate the fundamental strength”, the word in bold refers to

Leia o texto para responder a questão. 

Patience is needed for Brazil to come good again

Michael Hasenstab

Dr. Michael Hasenstab is executive

vice-president, portfolio manager

and chief investment officer of

Templeton Global Macro


    The Olympic Games in Rio drew global interest to Brazil, but the country and the rest of South America has been in sharp focus for investors all year. They have flocked to the region as part of a broader migration into emerging market debt, following record low valuations and the hunt for yield in a low interest rate environment. While investors have been presented with a rarely seen buying opportunity in emerging markets like South America, it is a mistake to regard these countries as a homogenous group.

    That leaves the challenge of working out which are the most attractive opportunities – some of our best known investments were not obvious choices.

    We have devised a formula to help us evaluate the fundamental strength of different emerging market countries. It scores a country’s current and projected strength on five factors: how well it has learnt the lessons from past crises; the quality of its policy mix; the structural reform being undertaken to boost productivity; the level of domestic demand; and its ability to resist external shocks. The aim is to pick nations that are fundamentally strong but, for one reason or another, are out of favour with investors. It can take time for the market to catch up to reality. But if you are a long-term investor – and we are certainly in that camp – you have the luxury of being able to wait.

    Brazil, for example, is known as a vulnerable market due to the commodities downturn, the ongoing corruption crisis and ensuing political turmoil, but our work suggests to us that it is poised for a potentially significant rebound in the long term. Its current score is low, but its projected future score tells a different story.

    We believe the country has learnt the lessons from the most recent crisis, which brought home the importance of having a sustainable fiscal policy. It has already adopted a flexible exchange rate, has strong foreign exchange reserves and has limited short-term debt. This is also reflected in the country’s improving resilience to external shocks, with a reliance on commodities, at 60 per cent of exports, being the largest remaining negative.

    It is perhaps no surprise, given Brazil’s deep recession and political instability, that there is much work required in terms of improving policy mix, making structural reforms and boosting domestic demand. However, there are signs things are being turned around, with monetary policy already being tightened aggressively to bring inflation expectations back under control, and the previously excessive levels of governmentsubsidised lending being cut. Once political stability returns, the government will be empowered to do even more.

    Work on structural reform should accelerate too, as Brazil’s middle class has made it clear it wants greater transparency and an economic policy framework that can both boost living standards and improve the environment for businesses.

(www.ft.com. 01.09.2016. Adaptado) 

A
investors.
B
marketing specialists.
C
the article’s author.
D
emerging market investors.
E
the Templeton Global Macro team.
701744df-b6
FGV 2016 - Inglês - Interpretação de texto | Reading comprehension

The title Patience is needed for Brazil to come good again reflects the idea presented in the text, that the country

Leia o texto para responder a questão. 

Patience is needed for Brazil to come good again

Michael Hasenstab

Dr. Michael Hasenstab is executive

vice-president, portfolio manager

and chief investment officer of

Templeton Global Macro


    The Olympic Games in Rio drew global interest to Brazil, but the country and the rest of South America has been in sharp focus for investors all year. They have flocked to the region as part of a broader migration into emerging market debt, following record low valuations and the hunt for yield in a low interest rate environment. While investors have been presented with a rarely seen buying opportunity in emerging markets like South America, it is a mistake to regard these countries as a homogenous group.

    That leaves the challenge of working out which are the most attractive opportunities – some of our best known investments were not obvious choices.

    We have devised a formula to help us evaluate the fundamental strength of different emerging market countries. It scores a country’s current and projected strength on five factors: how well it has learnt the lessons from past crises; the quality of its policy mix; the structural reform being undertaken to boost productivity; the level of domestic demand; and its ability to resist external shocks. The aim is to pick nations that are fundamentally strong but, for one reason or another, are out of favour with investors. It can take time for the market to catch up to reality. But if you are a long-term investor – and we are certainly in that camp – you have the luxury of being able to wait.

    Brazil, for example, is known as a vulnerable market due to the commodities downturn, the ongoing corruption crisis and ensuing political turmoil, but our work suggests to us that it is poised for a potentially significant rebound in the long term. Its current score is low, but its projected future score tells a different story.

    We believe the country has learnt the lessons from the most recent crisis, which brought home the importance of having a sustainable fiscal policy. It has already adopted a flexible exchange rate, has strong foreign exchange reserves and has limited short-term debt. This is also reflected in the country’s improving resilience to external shocks, with a reliance on commodities, at 60 per cent of exports, being the largest remaining negative.

    It is perhaps no surprise, given Brazil’s deep recession and political instability, that there is much work required in terms of improving policy mix, making structural reforms and boosting domestic demand. However, there are signs things are being turned around, with monetary policy already being tightened aggressively to bring inflation expectations back under control, and the previously excessive levels of governmentsubsidised lending being cut. Once political stability returns, the government will be empowered to do even more.

    Work on structural reform should accelerate too, as Brazil’s middle class has made it clear it wants greater transparency and an economic policy framework that can both boost living standards and improve the environment for businesses.

(www.ft.com. 01.09.2016. Adaptado) 

A
should be ruled out as an investment option.
B
has bleak prospects in the long run.
C
is going down the hill at the moment.
D
is a bet to be considered for long-term investors.
E
has to be included in the investors’ portfolio for immediate returns.
701cd08a-b6
FGV 2016 - Inglês - Interpretação de texto | Reading comprehension

According to the first paragraph, one of the reasons why investors are interested in South America is

Leia o texto para responder a questão. 

Patience is needed for Brazil to come good again

Michael Hasenstab

Dr. Michael Hasenstab is executive

vice-president, portfolio manager

and chief investment officer of

Templeton Global Macro


    The Olympic Games in Rio drew global interest to Brazil, but the country and the rest of South America has been in sharp focus for investors all year. They have flocked to the region as part of a broader migration into emerging market debt, following record low valuations and the hunt for yield in a low interest rate environment. While investors have been presented with a rarely seen buying opportunity in emerging markets like South America, it is a mistake to regard these countries as a homogenous group.

    That leaves the challenge of working out which are the most attractive opportunities – some of our best known investments were not obvious choices.

    We have devised a formula to help us evaluate the fundamental strength of different emerging market countries. It scores a country’s current and projected strength on five factors: how well it has learnt the lessons from past crises; the quality of its policy mix; the structural reform being undertaken to boost productivity; the level of domestic demand; and its ability to resist external shocks. The aim is to pick nations that are fundamentally strong but, for one reason or another, are out of favour with investors. It can take time for the market to catch up to reality. But if you are a long-term investor – and we are certainly in that camp – you have the luxury of being able to wait.

    Brazil, for example, is known as a vulnerable market due to the commodities downturn, the ongoing corruption crisis and ensuing political turmoil, but our work suggests to us that it is poised for a potentially significant rebound in the long term. Its current score is low, but its projected future score tells a different story.

    We believe the country has learnt the lessons from the most recent crisis, which brought home the importance of having a sustainable fiscal policy. It has already adopted a flexible exchange rate, has strong foreign exchange reserves and has limited short-term debt. This is also reflected in the country’s improving resilience to external shocks, with a reliance on commodities, at 60 per cent of exports, being the largest remaining negative.

    It is perhaps no surprise, given Brazil’s deep recession and political instability, that there is much work required in terms of improving policy mix, making structural reforms and boosting domestic demand. However, there are signs things are being turned around, with monetary policy already being tightened aggressively to bring inflation expectations back under control, and the previously excessive levels of governmentsubsidised lending being cut. Once political stability returns, the government will be empowered to do even more.

    Work on structural reform should accelerate too, as Brazil’s middle class has made it clear it wants greater transparency and an economic policy framework that can both boost living standards and improve the environment for businesses.

(www.ft.com. 01.09.2016. Adaptado) 

A
its commodity valuation.
B
that the Olympic games took place in Rio.
C
that there is a hunt for yield due to low interest rates.
D
the forecast of the continent’s market as a whole.
E
the continent’s migration into new markets.
70228f8e-b6
FGV 2016 - Inglês - Aspectos linguísticos | Linguistic aspects, Interpretação de texto | Reading comprehension

In the excerpt of the first paragraph “While investors have been presented with a rarely seen buying opportunity in emerging markets like South America, it is a mistake to regard these countries as a homogenous group”, the word in bold can be correctly replaced by

Leia o texto para responder a questão. 

Patience is needed for Brazil to come good again

Michael Hasenstab

Dr. Michael Hasenstab is executive

vice-president, portfolio manager

and chief investment officer of

Templeton Global Macro


    The Olympic Games in Rio drew global interest to Brazil, but the country and the rest of South America has been in sharp focus for investors all year. They have flocked to the region as part of a broader migration into emerging market debt, following record low valuations and the hunt for yield in a low interest rate environment. While investors have been presented with a rarely seen buying opportunity in emerging markets like South America, it is a mistake to regard these countries as a homogenous group.

    That leaves the challenge of working out which are the most attractive opportunities – some of our best known investments were not obvious choices.

    We have devised a formula to help us evaluate the fundamental strength of different emerging market countries. It scores a country’s current and projected strength on five factors: how well it has learnt the lessons from past crises; the quality of its policy mix; the structural reform being undertaken to boost productivity; the level of domestic demand; and its ability to resist external shocks. The aim is to pick nations that are fundamentally strong but, for one reason or another, are out of favour with investors. It can take time for the market to catch up to reality. But if you are a long-term investor – and we are certainly in that camp – you have the luxury of being able to wait.

    Brazil, for example, is known as a vulnerable market due to the commodities downturn, the ongoing corruption crisis and ensuing political turmoil, but our work suggests to us that it is poised for a potentially significant rebound in the long term. Its current score is low, but its projected future score tells a different story.

    We believe the country has learnt the lessons from the most recent crisis, which brought home the importance of having a sustainable fiscal policy. It has already adopted a flexible exchange rate, has strong foreign exchange reserves and has limited short-term debt. This is also reflected in the country’s improving resilience to external shocks, with a reliance on commodities, at 60 per cent of exports, being the largest remaining negative.

    It is perhaps no surprise, given Brazil’s deep recession and political instability, that there is much work required in terms of improving policy mix, making structural reforms and boosting domestic demand. However, there are signs things are being turned around, with monetary policy already being tightened aggressively to bring inflation expectations back under control, and the previously excessive levels of governmentsubsidised lending being cut. Once political stability returns, the government will be empowered to do even more.

    Work on structural reform should accelerate too, as Brazil’s middle class has made it clear it wants greater transparency and an economic policy framework that can both boost living standards and improve the environment for businesses.

(www.ft.com. 01.09.2016. Adaptado) 

A
Although.
B
Whenever.
C
Likewise.
D
Unless.
E
Therefore.