Questões de Concurso Comentadas sobre sinônimos | synonyms em inglês

Questões Discursivas

Foram encontradas 1.059 questões

Ano: 2007 Banca: CESGRANRIO Órgão: TERMOAÇU
Q1212682 Inglês
Which alternative contains a correct correspondence of meaning?
Alternativas
Ano: 2007 Banca: CESPE / CEBRASPE Órgão: Prefeitura de Vitória - ES
Q1193281 Inglês
On workdays, I almost always have lunch after midday.
Regarding this sentence, judge the following item.

“after midday” can be replaced with after 12:00 p.m., without changing the meaning of the sentence.

Alternativas
Q167269 Inglês

Internet: www.profitadvisors.com (adapted).

1turnstile – a narrow gate at the entrance of something, with metal bars that move in a circle so that only one person at a time can go through.
2squeegee – an object used for cleaning windows, consisting of a short handle with a rubber blade.
3jaywalking – a dangerous or illegal way of crossing a street at a place where cars do not usually stop.
4hubris – a very proud way of talking or behaving that offends people.

In the text,

the word “mayor” (L.8) is synonymous with representative.
Alternativas
Ano: 2007 Banca: CESGRANRIO Órgão: EPE Provas: CESGRANRIO - 2007 - EPE - Analista de Gestão Corporativa Júnior - Área Tecnologia da Informação | CESGRANRIO - 2007 - EPE - Advogado Júnior | CESGRANRIO - 2007 - EPE - Analista de Gestão Corporativa - Administração Geral | CESGRANRIO - 2007 - EPE - Analista de Gestão Corporativa - Contabilidade | CESGRANRIO - 2007 - EPE - Analista de Gestão Corporativa - Finanças e Orçamento | CESGRANRIO - 2007 - EPE - Analista de Pesquisa Energética - Economia de Energia | CESGRANRIO - 2007 - EPE - Analista de Pesquisa Energética - Gás e Bioenergia | CESGRANRIO - 2007 - EPE - Analista de Pesquisa Energética - Meio Ambiente - Recursos Hídricos | CESGRANRIO - 2007 - EPE - Analista de Pesquisa Energética - Meio Ambiente - Análises Ambientais | CESGRANRIO - 2007 - EPE - Analista de Pesquisa Energética - Meio Ambiente - Emissão e Efluentes | CESGRANRIO - 2007 - EPE - Analista de Gestão Corporativa - Recursos Humanos | CESGRANRIO - 2007 - EPE - Analista de Pesquisa Energética - Petróleo - Exploração | CESGRANRIO - 2007 - EPE - Analista de Pesquisa Energética - Planejamento da Geração de Energia | CESGRANRIO - 2007 - EPE - Analista de Pesquisa Energética - Projetos da Geração de Energia | CESGRANRIO - 2007 - EPE - Analista de Pesquisa Energética - Petróleo - Abastecimento | CESGRANRIO - 2007 - EPE - Analista de Pesquisa Energética - Recursos Energéticos | CESGRANRIO - 2007 - EPE - Analista de Pesquisa Energética - Transmissão de Energia |
Q1687 Inglês

Reducing the dependence on oil
Ildo Sauer, Gas and Energy Director, Petrobras.

Brazil's energy sector is following the worldwide
tendency towards greater diversification of primary energy
sources and the increased use of natural gas and
biofuels. There are several reasons for this change. The
most important are the environmental restrictions that
are gradually being adopted in the world's principal
energy-consuming markets and the need to reduce the
dependence on oil, set against a scenario of accelerated
depletion in oil reserves and escalating prices.
The share of gas in Brazilian primary energy
consumption has more than doubled in a short period,
increasing from 4.1% in 1999 to 8.9% in 2004, and this
share is forecast to rise to 12% by 2010.
Over the past two decades, the world gas industry
has experienced a structural and regulatory
transformation. These changes have altered the strategic
behaviour of gas firms, with an intensification of
competition, the search for diversification (especially in
the case of power generation) and the internationalisation
of industry activities. Together, these changes have
radically changed the economic environment and the level
of competition in the industry.
Brazil's gas industry is characterised by its late
development, although in recent years, internal supply
imports and demand have grown significantly - the
growth trajectory of recent years exceeds that of countries
with more mature markets, such as Spain, Argentina,
the UK and the US. And the outlook is positive for
continued growth over the next few years, particularly
when set against the investment plans already
announced in Brazil.
The country has a small transportation network
concentrated near the coast. The distribution network is
concentrated in the major consumption centres.
Domestic gas sources are largely offshore in the Campos
basin and Bolivia provides imports. Given the degree
of gas penetration in the country's primary energy
consumption, the industry is poorly developed when
compared with other countries. The industry requires
heavy investment in expanding the transport and
distribution (T&D) networks, as well as in diversifying and
increasing its supplies. Such investments are necessary
for realising the industry's enormous potential.
Another key industry highlight is the changing profile
of gas supply. A large part of the gas produced
domestically to date has been associated with oil
production. The latter diluting or even totally absorbing
the costs of exploiting the gas. In most cases, gas
production was feasible only in conjunction with oil
production activities. However, the country's latest gas
finds are non-associated. Thus, an exclusively dedicated
structure must be developed to produce this gas -
translating into a significant rise in production costs. This
is more significant when analysed against the high costs
associated with the market for exploration and production
(E&P) sector equipment. In recent years, the leasing costs
of drilling rigs and E&P equipment have been climbing in
parallel with escalating oil prices. This directly affects endconsumer
prices.
In a world of primary energy consumption
diversification, of greater environmental restrictions and
the reduced dependence on oil, Brazil has been seeking
to develop alternative energy sources - principally natural
gas and biofuels. The gas industry holds enormous
potential for Brazil, although there is still a long way to go
before it reaches maturity and major investment is
required.

World Energy in 2006. copyright © 2006, World Energy Council.
p.29-31 (adapted)
Check the only correct option.
Alternativas
Q2254458 Inglês
Senate Passes Plan to Cut $35 Billion From Deficit

By Jonathan Weisman
Washington Post Staff Writer
Friday, November 4, 2005; A01

    The Senate approved sweeping deficit-reduction legislation last night that would save about $35 billion over the next five years by cutting federal spending on prescription drugs, agriculture supports and student loans, while clamping down on fraud in the Medicaid program.
     The measure would also open Alaska's Arctic National Wildlife Refuge to oil drilling, a long-sought goal of the oil industry that took a major step forward after years of political struggle. A bipartisan effort to strip the drilling provision narrowly failed.
    The Senate bill, which passed 52 to 47, is the first in nearly a decade to tackle the growth of entitlement spending, the part of the federal budget that rises automatically based on set formulas and population changes.
     It would shave payments to some farmers by 2.5 percent, while eliminating a major cotton support program and trimming agriculture conservation spending. A proposal to limit payments to rich farmers failed yesterday. The measure passed largely along party lines, with only two Democrats voting for it and five Republicans voting against it.
     Yesterday's action is part of an effort by congressional Republicans to demonstrate fiscal discipline after widespread complaints of profligate spending on Capitol Hill. ....51.... many Democrats and some moderate Republicans are concerned that the effort may go too far, prominent Republicans in the Senate and House said the cuts were necessary to slow the rate of spending and control a deficit projected to total $314 billion by the end of the fiscal year.
      During a speech yesterday, former House majority leader Tom Delay (R-Tex) repeatedly apologized for excessive spending by Congress, including recent highway legislation that was ....52.... with lawmakers’ pet projects. After noting that House Republicans have voted to cut taxes every year since winning the majority in 1994, DeLay acknowledged, “Our record on spending has not been as consistent, ....53.... .”

(Adapted from washingtonpost.com)
No 3o parágrafo, nearly pode ser substituído, sem alteração de sentido, por
Alternativas
Q460755 Inglês
                        History of the Income Tax in the United States
      The nation had few taxes in its early history. From 1791 to 1802, the United States government was supported by internal taxes on distilled spirits, carriages, refined sugar, tobacco and snuff, property sold at auction, corporate bonds, and slaves. The high cost of the War of 1812 brought about the nation's first sales taxes on gold, silverware, jewelry, and watches. In 1817, however, Congress did away with all internal taxes, relying on tariffs on imported goods to provide sufficient funds for running the government.
      In 18 62, in order to support the Civil War effort, Congress enacted the nation's first income tax law. It was a forerunner of our modern income tax in that it was based on the principles of graduated, or progressive, taxation and of withholding income at the source. Additional sales and excise taxes were added, and an "inheritance" tax also made its debut.
      The Act of 18 62 established the office of Commissioner of Internal Revenue. The Commissioner [TO GIVE] the power to assess, levy, and collect taxes, and the right to enforce the tax laws through seizure of property and income and through prosecution. The powers and authority remain very much the same today.
      In 18 68 , Congress again focused its taxation efforts on tobacco and distilled spirits and eliminated the income tax in 1872. It had a short-lived revival in 18 94 and 18 95. In the latter year, the U.S. Supreme Court decided that the income tax was unconstitutional because it was not apportioned among the states in conformity with the Constitution.
      In 1913, the 16th Amendment to the Constitution made the income tax a permanent fixture in the U.S. tax system. The amendment gave Congress legal authority to tax income and resulted in a revenue law that taxed incomes of both individuals and corporations. The withholding tax on wages was introduced in 1943 and was instrumental in increasing the number of taxpayers to 60 million and tax collections to $43 billion by 1945.
      In 1981  , Congress enacted the largest tax cut in U.S. history, approximately $750 billion over six years. The tax reduction, however, was partially offset by two tax acts, in 1982 and 1984, that attempted to raise approximately $265 billion.
(Adapted from http://w w w .infoplease.com/ipa/A0005921.html)

Um sinônimo para offset, no texto, é
Alternativas
Q9506 Inglês
          Repliee is more than a humanoid robot ? it is an
     honest-to-goodness android, so lifelike that it seems like
     a real person. It has moist lips, glossy hair and vivid
     eyes that blink slowly. Seated on a stool with hands
 5    folded primly on its lap at the 2005 World Exposition in
     Japan's Aichi prefecture, it wore a bright pink blazer and
     gray slacks. For a mesmerizing few seconds from several
     meters away, Repliee was virtually indistinguishable from
     an ordinary woman in her 30s. In fact, it was a copy of
 10    one.
          Japan is proud of the most advanced humanoids in
     the world, which are expected to eventually be used as
     the workforce diminishes among the decreasing and aging
     population. But why build a robot with pigmented silicone
 15    skin, smooth gestures and even makeup? To Repliee's
     creator, Hiroshi Ishiguro, Director of Osaka University's
     Intelligent Robotics Laboratory, the answer is simple:
     "Android science."
          Besides the justification for making robots
 20    anthropomorphic and bipedal so they can work in human
     environments with architectural features such as stairs,
     Ishiguro believes that people respond better to very
     humanlike automatons. Androids can thus elicit the most
     natural communication. "Appearance is very important
 25    to have better interpersonal relationships with a robot,"
     says the 42-year-old Ishiguro. "Robots are information
     media, especially humanoid robots. Their main role in
     our future is to interact naturally with people."
          Mild colorblindness forced Ishiguro to abandon his
 30    aspirations of a career as an oil painter. Drawn to
     computer and robot vision instead, he built a guide robot
     for the blind as an undergraduate at the University of
     Yamanashi. A fan of the android character Data from the
     Star Trek franchise, he sees robots as the ideal vehicle
 35    to understand more about ourselves.
          To imitate human looks and behavior successfully,
     Ishiguro combines robotics with cognitive science. In turn,
     cognitive science research can use the robot to study
     human perception, communication and other faculties.
 40    This novel cross-fertilization is what Ishiguro describes
     as android science. In a 2005 paper, he and his
     collaborators explained it thus: "To make the android
     humanlike, we must investigate human activity from the
     standpoint of cognitive science, behavioral science and
 45    neuroscience, and to evaluate human activity, we need
     to implement processes that support it in the android."
          One key strategy in Ishiguro's approach is to model
     his artificial creations on real people. He began research
     four years ago with his then four-year-old daughter,
 50    casting a rudimentary android from her body, but its
     mechanisms resulted in strange, unnatural motion.
          Humanlike robots run the risk of compromising
     people's comfort zones. Because the android's
     appearance is very similar to that of a human, any subtle
 55    differences in motion and responses will make it seem
     strange. Repliee, though, is so lifelike that it has
     overcome the creepiness factor, partly because of the
     natural way it moves.
          Ishiguro wants his next android, a male, to be as
 60    authentic as possible. The model? Himself. The scientist
     thinks having a robot clone could ease his busy schedule:
     he could dispatch it to classes and meetings and then
     teleconference through it. "My question has always been,
     Why are we living, and what is human?" he says. An
 65    Ishiguro made of circuitry and silicone might soon be
     answering his own questions.

adapted from www.scientificamerican.com - May 2006
Check the only correct statement.
Alternativas
Q9246 Inglês
          What are the best energy sources? "Best" depends
     on many factors - how the energy is being used, where
     it is being used, what energy sources are available,
     which sources are most convenient and reliable, which
5   are easiest to use, what each costs, and the effects on
     public safety, health, and the environment. Making smart
     energy choices means understanding resources and their
     relative costs and benefits.
          Some energy sources have advantages for specific
10  uses or locations. For example, fuels from petroleum
     are well suited for transportation because they pack a
     lot of energy in a small space and are easily transported
     and stored. Small hydroelectric installations are a good
     solution for supplying power or mechanical energy close
15  to where it is used. Coal is widely used for power
     generation in many fast-developing countries - including
     China, India, and many others - because domestic
     supplies are readily available.
          Efficiency is an important factor in energy costs.
20  How efficiently can the energy be produced, delivered,
     and used? How much energy value is lost in that process,
     and how much ends up being transformed into useful
     work? Industries that produce or use energy continually
     look for ways to improve efficiency, since this is a key to
25  making their products more competitive.
          The ideal energy source - cheap, plentiful, and
     pollution-free - may prove unattainable in our lifetime,
     but that is the ultimate goal. The energy industry is
     continuing to improve its technologies and practices, to
30  produce and use energy more efficiently and cleanly.
          Energy resources are often categorized as
     renewable or nonrenewable.
          Renewable energy resources are those that can be
     replenished quickly - examples are solar power,
35  biomass, geothermal, hydroelectric, wind power, and
     fast-reaction nuclear power. They supply about seven
     percent of energy needs in the United States; the other
     93 percent comes from nonrenewables. The two largest
     categories of renewable energy now in use in the U.S.
40  are biomass - primarily wood wastes that are used by
     the forest products industry to generate electricity and
     heat - and hydroelectricity.
          Nonrenewable energy resources include coal, oil,
     natural gas, and uranium-235, which is used to fuel
45  slow-reaction nuclear power. Projections of how long a
     nonrenewable energy resource will last depend on many
     changeable factors. These include the growth rate of
     consumption, and estimates of how much of the remaining
     resources can be economically recovered. New exploration
50  and production technologies often increase the ability of
     producers to locate and recover resources. World
     reserves of fossil energy are projected to last for many
     more decades - and, in the case of coal, for centuries.

In: http://www.classroom-energy.org/teachers/energy_tour/pg5.html
The only option in which the words ARE NOT synonymous in the text is:
Alternativas
Q9240 Inglês
          What are the best energy sources? "Best" depends
     on many factors - how the energy is being used, where
     it is being used, what energy sources are available,
     which sources are most convenient and reliable, which
5   are easiest to use, what each costs, and the effects on
     public safety, health, and the environment. Making smart
     energy choices means understanding resources and their
     relative costs and benefits.
          Some energy sources have advantages for specific
10  uses or locations. For example, fuels from petroleum
     are well suited for transportation because they pack a
     lot of energy in a small space and are easily transported
     and stored. Small hydroelectric installations are a good
     solution for supplying power or mechanical energy close
15  to where it is used. Coal is widely used for power
     generation in many fast-developing countries - including
     China, India, and many others - because domestic
     supplies are readily available.
          Efficiency is an important factor in energy costs.
20  How efficiently can the energy be produced, delivered,
     and used? How much energy value is lost in that process,
     and how much ends up being transformed into useful
     work? Industries that produce or use energy continually
     look for ways to improve efficiency, since this is a key to
25  making their products more competitive.
          The ideal energy source - cheap, plentiful, and
     pollution-free - may prove unattainable in our lifetime,
     but that is the ultimate goal. The energy industry is
     continuing to improve its technologies and practices, to
30  produce and use energy more efficiently and cleanly.
          Energy resources are often categorized as
     renewable or nonrenewable.
          Renewable energy resources are those that can be
     replenished quickly - examples are solar power,
35  biomass, geothermal, hydroelectric, wind power, and
     fast-reaction nuclear power. They supply about seven
     percent of energy needs in the United States; the other
     93 percent comes from nonrenewables. The two largest
     categories of renewable energy now in use in the U.S.
40  are biomass - primarily wood wastes that are used by
     the forest products industry to generate electricity and
     heat - and hydroelectricity.
          Nonrenewable energy resources include coal, oil,
     natural gas, and uranium-235, which is used to fuel
45  slow-reaction nuclear power. Projections of how long a
     nonrenewable energy resource will last depend on many
     changeable factors. These include the growth rate of
     consumption, and estimates of how much of the remaining
     resources can be economically recovered. New exploration
50  and production technologies often increase the ability of
     producers to locate and recover resources. World
     reserves of fossil energy are projected to last for many
     more decades - and, in the case of coal, for centuries.

In: http://www.classroom-energy.org/teachers/energy_tour/pg5.html
In "Industries that produce or use energy continually look for ways to improve efficien," (lines 23-24), "look for" can be correctly substituted by:
Alternativas
Q4072 Inglês
This text refers to items from 16 through 25.

1           Japan and Korea are outstanding markets in terms
of the world's advances in cellular telephony, where
multimedia applications have surged into feverish
4 popularity. Users in these countries have demanded
 velocity and high quality data transmission - such as
 images, videos and sounds - as the principal distinctive
 7 features for the cellular telephone. Although the industry in
 Brazil is not yet experiencing the same phase as in the
 Asian countries, innovative third generation services,
 10 aligned with world-class technology, are already present,
 with data transmission speeds of up to 2.4 Mbps.
             In fact, in some cases, Brazil has held multimedia
 13 application launches simultaneously with the United States,
 tremendously increasing the economic and digital inclusion
 that cellular telephony has fomented in recent years. The
 16 heavy impact of mobile communication on Brazilian
 society can be measured by the expansion of the customer
 base, which has been growing at historic rates of 30% a
 19 year and now serves over 50 million customers. In other
 words, four out of every ten Brazilians have a cellular
 telephone.
 22          The importance of mobile telephony has already
 surpassed that of the traditional fixed telephone system,
 because the cell phone actually fulfills the function of
 25 taking communication to all levels of the population. Its
 widespread network has opened gateways to regions that
 formerly had not been benefited by the implementation of
 28 a fixed telephone system, such as, for example, many rural
 areas that are now mobile telephone customers.
              The responsibility that cellular telephony carries
 31 as an instrument for transforming people's lives tends to
 increase enormously in the short term. In Brazil, third
 generation CDMA 3G EVDO service is already offered and
 34 is able to provide handheld resources, similar to CD, DVD
 and TV, anywhere and at any time, based on Qualcomm's
 cutting edge CDMA technology.
 Internet: (with adaptations). 

 Based on the text above, judge the following items.
"In fact" (R.12) means As a matter of fact.
Alternativas
Q1835 Inglês
The oil and natural gas industry has developed and
applied an impressive array of innovative technologies to
improve productivity and efficiency, while yielding
environmental benefits. According to the U.S. Department
of Energy, "the petroleum business has transformed itself
into a high-technology industry."
State-of-the-art technology allows the industry to
produce more oil and natural gas from more remote
places - some previously unreachable - with significantly
less adverse effect on the environment. Among the
benefits: increased supply to meet the world's growing
energy demand, reduced energy consumption at oil and
natural gas facilities and refineries, reduced noise from
operations, decreased size of facilities, reduced
emissions of pollutants, better protection of water
resources, and preservation of habitats and wildlife.
With advanced exploration and production
technologies, the oil and gas industry can pinpoint
resources more accurately, extract them more efficiently
and with less surface disturbance, minimize associated
wastes, and, ultimately, restore sites to original or better
condition.
Exploration and production advances include
advanced directional drilling, slimhole drilling, and 3-D
seismic technology. Other segments of the industry have
benefited from technological advances as well. Refineries
are becoming highly automated with integrated process
and energy system controls; this results in improved
operational and environmental performance and enables
refineries to run harder and produce more products safer
than ever before. Also, new process equipment and
catalyst technology advances have been made very
recently to meet new fuel regulations requiring very low
levels of sulfur in gasoline and diesel.
Technology advances such as these are making it
possible for the oil and natural gas industry to grow in
tandem with the nation's energy needs while maintaining
a cleaner environment. The industry is committed to
investing in advanced technologies that will continue to
provide affordable and reliable energy to support our
current quality of life, and expand our economic horizons.
For example, we are researching fuel cells that may
power the vehicles of tomorrow with greater efficiency
and less environmental impact. We are investigating ways
to tap the huge natural gas resources locked in gas
hydrates. Gas hydrates are common in sediments in
the ocean's deep waters where cold temperatures and
high pressures cause natural gas and water to freeze
together, forming solid gas hydrates. Gas hydrates could
be an important future source of natural gas for our nation.
Some of our companies are also investigating
renewable energy resources such as solar, wind,
biomass and geothermal energy. By conducting research
into overcoming the many technological hurdles that limit
these energy resources, they hope to make them more
reliable, affordable and convenient for future use. Although
the potential for these energy resources is great,
scientists do not expect them to be a significant part of
the nation's energy mix for many decades. For this
reason, the industry must continue to invest in
conventional resources such as oil and natural gas. We
will need to rely on these important energy resources for
many decades to come.

In: http://api-ec.api.org/focus/index
In ". the industry must continue to invest in conventional resources such as oil and natural gas." (lines 60-61), the word that could replace "must" without changing the meaning of the sentence is:
Alternativas
Ano: 2005 Banca: FCC Órgão: CEAL
Q1227563 Inglês
  Someone on your left speaks French and someone on your right speaks English; both individuals need to speak to each other. The systems analyst is the middleman, assessing the needs of the end-user and translating them into programming or turning over the programming responsibility to the development department. What are the business requirements? Who will comprise the user community? How large is the application going to be? Will it be internal or external? These are all questions facing the systems analyst, who spends much of the day in front of the computer poring over these issues.    With a new product, other elements come into play, such as network location, user community, type of machine, and portability. If the analyst is reviewing an established product, the user community will dictate its changes and enhancements. "One of the biggest surprises in my 25 years of technology work is that people who have a creative background as opposed to a degree in computer science tend to make better systems analysts," says one seasoned professional. "The best analysts I've come across came from backgrounds in theater, art, and filmmaking. But they were all able to see and grasp big-picture concepts very quickly, and break them down into subcomponents. People who have a computer science or math background tend to be very technical, and sometimes that can be a hindrance." Systems analysts need to be independent thinkers – people who can "think out of the box" by grasping concepts quickly and seeing the big picture as opposed to the small details. "I also look for someone who is self-motivated. Here take the ball and run with it and come back if you have any issues," says one employer who heads up a technology group. (http://www.princetonreview.com/cte/profiles/dayInLife.asp?careerID=210)
 No texto, poring over significa
Alternativas
Q27891 Inglês
Imagem 021.jpg
Concerning the text above, judge the following items.
In the text, the original phrase " should have come before the Hague judges at al l " ( L.11) can be correctly replaced by should have come before the Hague judges in the f irst place.
Alternativas
Q27887 Inglês
Imagem 020.jpg
In relation to the text above, judge the following items.
In lines 21-22, the phrase " a v es ted interest in protecting" can be correctly replaced by a particular reason to protect.
Alternativas
Q2380 Inglês
Read the text below in order to answer questions 21
to 24:

Unpicking the fiscal straitjacket

Never has a straitjacket seemed so ill-fitting or so
insecure. The euro area's "stability and growth pact"
was supposed to stop irresponsible member states
from running excessive budget deficits, defined as 3%
of GDP or more. Chief among the restraints was the
threat of large fines if member governments breached
the limit for three years in a row. For some time now,
no one has seriously believed those restraints would
hold. In the early hours of Tuesday November 25th,
the euro's fiscal straitjacket finally came apart at the
seams.
The pact's fate was sealed over an extended
dinner meeting of the euro area's 12 finance
ministers. They chewed over the sorry fiscal record of
the euro's two largest members, France and
Germany. Both governments ran deficits of more than
3% of GDP last year and will do so again this year.
Both expect to breach the limit for the third time in
2004. Earlier this year, the European Commission,
which policies the pact, agreed to give both countries
an extra year, until 2005, to bring their deficits back
into line. But it also instructed them to revisit their
budget plans for 2004 and make extra cuts. France
was asked to cut its underlying, cyclically adjusted
deficit by a full 1% of GDP, Germany by 0.8%. Both
resisted.

Nov 27th, 2003
The Economist Global Agenda
In "if member states breached the limit" (paragraph 1), "breached" could best be replaced by
Alternativas
Ano: 2003 Banca: FCC Órgão: CVM Prova: FCC - 2003 - CVM - Inspetor |
Q2244804 Inglês
From the IPO to the First Trade: Is Underpricing Related to the Trading Mechanism?

Sonia Falconieri, Albert Murphy and Daniel Weaver

      As documented by a vast empirical literature, IPOs are characterized by underpricing. Most of the theoretical literature has linked the size of underpricing to the IPO procedure used on the primary market. In this paper, by using a matched sample of NYSE and Nasdaq IPOs, we show that the size of underpricing also depends on the trading method used in the IPO aftermarket.
        There are two major methods of opening trading of initial public offerings (IPOs) in the U.S. The NYSE is an order-driven market ...56... a call auction allows supply and demand to be aggregated (at one location) prior to the start of trading. ...57... , Nasdaq is a quote-driven market. Dealers can only specify their best quotes, and participants have ...58... idea of supply and demand away from the inside quotes.
         We propose a new proxy for ex ante uncertainty of firm value and test it. Our results show that there is a larger level of uncertainty at the beginning of trading on Nasdaq than on the NYSE. This in turn is associated with larger levels of underpricing for Nasdaq IPOs. We suggest that this may be due to the different informational efficiency of the two trading systems.


(http://www.nyse.com/marketinfo/p1020656068262.html?displayPage=%
2Fmarketinfo%2Fmarketinfo.html)
In the text, an adequate synonym for prior to is 
Alternativas
Ano: 2003 Banca: FCC Órgão: CVM Prova: FCC - 2003 - CVM - Analista - Sistemas |
Q2241608 Inglês
The hard cell

Thanks to politics, stem cell research in the United States is suffering. But not so in Sweden, which is poised to capture what could be the biggest new market to hit biotech in a decade.

By Stephan Herrera
February 13, 2003

New York, January 1, 2006:
Sweden announces that one of its biotechnology companies is the first in the world to enter clinical trials with a new drug that could cure Alzheimer's disease. Four years ago this type of research was all but stopped in the United States by political and ethical questions − which is ....58.... Sweden now seems in the best position to capture a $25 billion market.

    Any day now, the U.S. Congress is expected to pass a sweeping new law that could dramatically inhibit researchers from working with stem cells taken from human embryos. Such cells, which can be used to grow a whole host of new cells and organs, could fundamentally change the way we treat heretofore intractable maladies like Alzheimer's disease, Parkinson's disease, cancer, stroke, liver failure, and heart disease. The only problem is that these cells by definition are derived from human embryos, many of which are cloned or come from unused fetuses collected at fertility clinics. The argument, from a certain segment of the American political spectrum, is that ....59.... methods are morally wrong. They are ....60.... a form of abortion or an activity that could eventually lead to human cloning.

    Those working in stem cell research say the short-term effect of the legislation will be to further chill all forms of scientific inquiry and commercialization efforts in the field. Entrepreneurs and investors are already eschewing such research − in large part because of the additional uncertainty and risk that politics introduce.

    Of the nearly 50 private stem cell companies in the United States, only a handful are still viable. Meanwhile, across the Atlantic, Sweden has avoided many of the political and ethical quagmires surrounding this type of research. It currently has 40 private stem cell companies, a number that's growing. Sweden's leading research universities have 32 percent of the world's stem cell inventory, close on the heels of the United States' 35 percent.

     Sweden, say analysts, is now in the best position to capture a worldwide market for drugs based on stem cell therapies that could grow to $25 billion in the next three to five years − nearly equal to the whole biotech industry at present. This estimate doesn't even address the market for stem cells capable of repairing damaged vital organs like the brain, heart, and kidneys. If the United States offers an object lesson of what can happen when scientific inquiry and investment capital fall victim to politics, Sweden and its leading stem cell startup, NeuroNova, offer the opposite example. How odd that the United States, which for generations has been the envy of the world for its progressive views of science and commercialization, should now have a biomedical climate chillier than a Swedish winter.

    One company feeling a lot of pain is StemCells, which at first glance seems to have it all: founding scientists include Stanford's Dr. Weissman and Fred Gage of the Salk Institute in La Jolla, California. An equally well-regarded expert in the treatment of Alzheimer's, Dr. Gage spent five years in Sweden as a researcher and now sits on a national committee on stem cell research there. The firm's chairman is Roger Perlmutter, Amgen's head of research.
   
   Yet over the past two years, none of management's efforts to help investors and even critics reconsider the stem cell field have worked. At press time, the stock was thinly traded and sitting in the neighborhood of 50 cents. With less than $15 million in cash, the company likely won't exist at this time next year. (CEO Martin McGlynn, who joined the firm in January 2001, would not talk to Red Herring, despite repeated efforts.)

    Some observers on Wall Street are asking, If StemCells can't make it, who can? Geron, the only other publicly held stem cell firm to speak of, is in a fix, too. The company's stock price is also moribund, at $3.85 per share. Thanks to some capital infusions a few years ago, when money came easy, Geron still has $40 million on hand, but by the end of next year, that too will likely be gone. Once a media darling, Geron focuses on diagnostic tests and drugs derived from stem cells, a strategy that's not going well. For the nine months ended last September, revenue fell 68 percent to $955,000 and net loss widened 18 percent to $26.7 million. The company's financials were also hit hard after it terminated an agreement with Pharmacia and acquired research technology from Lynx Therapeutics, which Geron bought in a desperate attempt to be seen as something more than just a stem cell company.

    The situation is quite different, however, for Sweden's NeuroNova, which has 30 academic partners and a staff of 20. NeuroNova is working on ways to inject stem cells into the human brain to trigger a process called neurogenesis (the growth of new neural cells), which could combat diseases like Parkinson's, Alzheimer's, and even schizophrenia.

     If NeuroNova is the first to develop a drug capable of treating one of several central nervous system disorders − by far the most lucrative after heart disease products − it will have done so not because it raised more money or got more media buzz than the rest. It will have succeeded because the science is solid, and academe, government, and the investment community are supportive. Meanwhile, the United States will look on with envy and wonder how it, a country known for its entrepreneurial innovation, ever got so short-sighted.

(Adapted from http://www.redherring.com/investor/2003/02/biotech021303.html)
A synonym for odd would be: 
Alternativas
Ano: 2003 Banca: FCC Órgão: CVM Prova: FCC - 2003 - CVM - Analista - Sistemas |
Q2241605 Inglês
The hard cell

Thanks to politics, stem cell research in the United States is suffering. But not so in Sweden, which is poised to capture what could be the biggest new market to hit biotech in a decade.

By Stephan Herrera
February 13, 2003

New York, January 1, 2006:
Sweden announces that one of its biotechnology companies is the first in the world to enter clinical trials with a new drug that could cure Alzheimer's disease. Four years ago this type of research was all but stopped in the United States by political and ethical questions − which is ....58.... Sweden now seems in the best position to capture a $25 billion market.

    Any day now, the U.S. Congress is expected to pass a sweeping new law that could dramatically inhibit researchers from working with stem cells taken from human embryos. Such cells, which can be used to grow a whole host of new cells and organs, could fundamentally change the way we treat heretofore intractable maladies like Alzheimer's disease, Parkinson's disease, cancer, stroke, liver failure, and heart disease. The only problem is that these cells by definition are derived from human embryos, many of which are cloned or come from unused fetuses collected at fertility clinics. The argument, from a certain segment of the American political spectrum, is that ....59.... methods are morally wrong. They are ....60.... a form of abortion or an activity that could eventually lead to human cloning.

    Those working in stem cell research say the short-term effect of the legislation will be to further chill all forms of scientific inquiry and commercialization efforts in the field. Entrepreneurs and investors are already eschewing such research − in large part because of the additional uncertainty and risk that politics introduce.

    Of the nearly 50 private stem cell companies in the United States, only a handful are still viable. Meanwhile, across the Atlantic, Sweden has avoided many of the political and ethical quagmires surrounding this type of research. It currently has 40 private stem cell companies, a number that's growing. Sweden's leading research universities have 32 percent of the world's stem cell inventory, close on the heels of the United States' 35 percent.

     Sweden, say analysts, is now in the best position to capture a worldwide market for drugs based on stem cell therapies that could grow to $25 billion in the next three to five years − nearly equal to the whole biotech industry at present. This estimate doesn't even address the market for stem cells capable of repairing damaged vital organs like the brain, heart, and kidneys. If the United States offers an object lesson of what can happen when scientific inquiry and investment capital fall victim to politics, Sweden and its leading stem cell startup, NeuroNova, offer the opposite example. How odd that the United States, which for generations has been the envy of the world for its progressive views of science and commercialization, should now have a biomedical climate chillier than a Swedish winter.

    One company feeling a lot of pain is StemCells, which at first glance seems to have it all: founding scientists include Stanford's Dr. Weissman and Fred Gage of the Salk Institute in La Jolla, California. An equally well-regarded expert in the treatment of Alzheimer's, Dr. Gage spent five years in Sweden as a researcher and now sits on a national committee on stem cell research there. The firm's chairman is Roger Perlmutter, Amgen's head of research.
   
   Yet over the past two years, none of management's efforts to help investors and even critics reconsider the stem cell field have worked. At press time, the stock was thinly traded and sitting in the neighborhood of 50 cents. With less than $15 million in cash, the company likely won't exist at this time next year. (CEO Martin McGlynn, who joined the firm in January 2001, would not talk to Red Herring, despite repeated efforts.)

    Some observers on Wall Street are asking, If StemCells can't make it, who can? Geron, the only other publicly held stem cell firm to speak of, is in a fix, too. The company's stock price is also moribund, at $3.85 per share. Thanks to some capital infusions a few years ago, when money came easy, Geron still has $40 million on hand, but by the end of next year, that too will likely be gone. Once a media darling, Geron focuses on diagnostic tests and drugs derived from stem cells, a strategy that's not going well. For the nine months ended last September, revenue fell 68 percent to $955,000 and net loss widened 18 percent to $26.7 million. The company's financials were also hit hard after it terminated an agreement with Pharmacia and acquired research technology from Lynx Therapeutics, which Geron bought in a desperate attempt to be seen as something more than just a stem cell company.

    The situation is quite different, however, for Sweden's NeuroNova, which has 30 academic partners and a staff of 20. NeuroNova is working on ways to inject stem cells into the human brain to trigger a process called neurogenesis (the growth of new neural cells), which could combat diseases like Parkinson's, Alzheimer's, and even schizophrenia.

     If NeuroNova is the first to develop a drug capable of treating one of several central nervous system disorders − by far the most lucrative after heart disease products − it will have done so not because it raised more money or got more media buzz than the rest. It will have succeeded because the science is solid, and academe, government, and the investment community are supportive. Meanwhile, the United States will look on with envy and wonder how it, a country known for its entrepreneurial innovation, ever got so short-sighted.

(Adapted from http://www.redherring.com/investor/2003/02/biotech021303.html)
Para responder à questão, assinale, na folha de respostas, a letra correspondente a alternativa que preenche corretamente a lacuna do texto apresentado (....60....). 
Alternativas
Ano: 2003 Banca: FCC Órgão: CVM Prova: FCC - 2003 - CVM - Analista - Sistemas |
Q2241599 Inglês
From the IPO to the First Trade: Is Underpricing Related to the Trading Mechanism?

Sonia Falconieri, Albert Murphy and Daniel Weaver

    As documented by a vast empirical literature, IPOs are characterized by underpricing. Most of the theoretical literature has linked the size of underpricing to the IPO procedure used on the primary market. In this paper, by using a matched sample of NYSE and Nasdaq IPOs, we show that the size of underpricing also depends on the trading method used in the IPO aftermarket.
    There are two major methods of opening trading of initial public offerings (IPOs) in the U.S. The NYSE is an order-driven market ....51.... a call auction allows supply and demand to be aggregated (at one location) prior to the start of trading. ....52.... , Nasdaq is a quote-driven market. Dealers can only specify their best quotes, and participants have ....53.... idea of supply and demand away from the inside quotes.
      We propose a new proxy for ex ante uncertainty of firm value and test it. Our results show that there is a larger level of uncertainty at the beginning of trading on Nasdaq than on the NYSE. This in turn is associated with larger levels of underpricing for Nasdaq IPOs. We suggest that this may be due to the different informational efficiency of the two trading systems.

(http://www.nyse.com/marketinfo/p1020656068262.html?displayPage=% 2Fmarketinfo%2Fmarketinfo.html)
In the text, an adequate synonym for major is
Alternativas
Respostas
989: C
990: C
991: E
992: D
993: C
994: D
995: E
996: B
997: E
998: C
999: C
1000: A
1001: C
1002: C
1003: B
1004: D
1005: E
1006: B
1007: E