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Gabarito será divulgado dia 27/06, após 18:00hs.
Read the text below, which is entitled “Another country”, in order to answer questions 21 to 23.
Jul 21st 2005 (Adapted)
No matter where one goes in Argentina these days, evidence of the country’s remarkable economic recovery is hard to avoid. Since its collapse in 2001-02, Argentina’s economy has grown by a quarter. According to government estimates, it has finally surpassed its previous peak of May 1998. In another sign that the worst is over, on July 18th
the government issued dollar bonds for the first time since its massive debt default in 2001.
But while the economy may have recovered its former size, it is different in many ways. Some of the imbalances of the 1990s have been fixed: budget deficits have turned into surpluses; devaluation has ignited exports; and the public debt has been restructured.
21- The author refers to Argentina’s recovery as
a) likely to happen.
b) already taking place.
c) on the verge of beginning.
d) unlikely to oc¨&*r.
e) being severely criticized.
22- In relation to Argentina’s budget deficits, the text states that they
a) may change into surpluses.
b) ought to be looked into.
c) have been dealt with.
d) must become surpluses.
e) have been deepened.
23- According to the text,
a) Argentina’s exports have been sparked.
b) Argentina’s economic recovery should have been
c) Argentina’s economy grew by a quarter in 2001-02.
d) Argentina should be able to grow by a quarter.
e) Argentina’s public debt remains untouched.
Read the text below, which is entitled “Man with a Mission”,
in order to answer questions 24 to 26.
Man with a Mission
June 20th 2005 (Adapted)
At the European Union summit in Brussels this week, Chirac and Blair will square off as combatants for the future of Europe. The battle will begin with a debate over the new EU budget – specifically the contentious chèque anglais. Britain is determined to protect its EU budget rebate, negotiated by Margaret Thatcher 21 years ago and now worth 3.1 billion pounds annually. Enough is enough, said Chirac last week. “The time has come for our English friends to understand that they have to make a gesture of solidarity for Europe.” Forget it, Blair snapped back, pointing to huge agri¨&*ltural subsidies for French farmers that offset Paris’s contributions to the EU. “Without the rebate,” he added, the British contribution “would have been 15 times as much as France. That is our gesture.”
The budget spat masks a deeper divide. As the British see it, last month’s double no has killed the European constitution, at least for now. It’s time for Europe to pause, to reflect and reform in order to win back European hearts and minds.
24- In paragraph no.1, the author outlines Britain’s Determination
a) to nix its EU budget rebate.
b) to negotiate its EU budget rebate.
c) not to accept its EU budget rebate.
d) to safeguard its EU budget rebate.
e) to call off its EU budget rebate.
25- According to Prime Minister Tony Blair, the huge agri¨&*ltural subsidies paid to French farmers offset Paris’s contributions to the EU. In other words, the former is
a) exceeded by the latter.
b) reduced by the latter.
c) promoted by the latter.
d) limited by the latter.
e) balanced by the latter.
26- According to the text, there will be a debate at the Brussels’ summit concerning
a) environmental policies.
b) ethnic prejudice.
c) delicious market reforms.
d) constitutional referendums.
e) economic issues.
Read the text below, which is entitled “Time to Toss the
Textbook”, in order to answer questions 27 to 30.
Time to Toss the Textbook
July 4th 2005 (Adapted)
Do we know how much the world economy affects the United States and vice versa?
Economics textbooks once described the U.S. economy as mainly self-contained. Americans sold to each other; Americans’ savings were invested mostly in American investments (stocks, bonds, bank deposits). Trade was small. Globalization has shattered this model. More industries face foreign competition or depend on foreign markets. In 1960, exports and imports together totaled 9.5 percent of gross domestic product; in 2004, they were 25 percent of GDP. Savings and investments have also gone global. In 2003, Americans – mainly through pension funds, banks and other big investors – owned $3.1 trillion of foreign stocks and bonds, while foreigners owned more than $4.1 trillion of U.S. se¨&*rities, says the International Monetary Fund. (Note: the $4.1 trillion excluded China.)
All these factors modify the U.S. economy.
27- The text is introduced by
a) a figure.
b) an answer.
c) a query.
d) an explanation.
e) a forecast.
28- According to the author, globalization has shattered the previous model. In other words, globalization has
a) destroyed it.
b) regulated it.
c) reinforced it.
d) deepened it.
e) strengthened it.
29- The U.S. economy
a) could have been modified.
b) has hardly been affected at all.
c) remains self-contained despite globalization.
d) has been altered by global trends.
e) should have restrained globalization.
30- The text refers to
a) the lack of economic changes over the last decades.
b) an increasingly interdependent global economy.
c) ways of understanding and preventing recessions.
d) economists’ overconfidence in relation to the global
e) a set of policies which fully explains spending patterns.
Rumo à vitória!!!