Read the text below in order to answer questions 15 to 18:

THE GOLDILOCKS SCENARIO CONTINUES

As the new Millennium gets under way, the US economy completes its ninth year of expansion. The Federal Reserve raised interest rates three times last year to temper the economy's expansion, which is the longest in US history. The benchmark lending rate was 5.5% at the start of the new year.

Analysts have been predicting that US interest rates would go up again when the Federal Open Market Committee meets. The economy's performance in the past calendar years (1996 to 1999) has surpassed all but the most optimistic predictions at the beginning of the period.

Growth of the economy has exceeded 4% in each of these years ... Ver mais

Read the text below in order to answer questions 15 to 18:

THE GOLDILOCKS SCENARIO CONTINUES

As the new Millennium gets under way, the US economy completes its ninth year of expansion. The Federal Reserve raised interest rates three times last year to temper the economy's expansion, which is the longest in US history. The benchmark lending rate was 5.5% at the start of the new year.

Analysts have been predicting that US interest rates would go up again when the Federal Open Market Committee meets. The economy's performance in the past calendar years (1996 to 1999) has surpassed all but the most optimistic predictions at the beginning of the period.

Growth of the economy has exceeded 4% in each of these years ... Ver mais

Read the text below in order to answer questions 15 to 18:

THE GOLDILOCKS SCENARIO CONTINUES

As the new Millennium gets under way, the US economy completes its ninth year of expansion. The Federal Reserve raised interest rates three times last year to temper the economy's expansion, which is the longest in US history. The benchmark lending rate was 5.5% at the start of the new year.

Analysts have been predicting that US interest rates would go up again when the Federal Open Market Committee meets. The economy's performance in the past calendar years (1996 to 1999) has surpassed all but the most optimistic predictions at the beginning of the period.

Growth of the economy has exceeded 4% in each of these years ... Ver mais

Read the text below in order to answer questions 19 to 22:

IMF COMPLETES BRAZIL FIFTH REVIEW

The Executive Board of the International Monetary Fund (IMF) today completed the fifth review under the Stand-By credit for Brazil. As a result, Brazil will be able to draw, if needed, up to the equivalent of SDR 814.05 million ( about US$1,066 million ) from the IMF.

In commenting on the Executive Board's discussion of the review, Stanley Fischer, First Deputy Managing Director, made the following statement:

"Executive Directors commended the authorities for the performance of the Brazilian economy under the Government's program and noted with satisfaction that developments in the Brazilian economy since the completion ... Ver mais

Read the text below in order to answer questions 19 to 22:

IMF COMPLETES BRAZIL FIFTH REVIEW

The Executive Board of the International Monetary Fund (IMF) today completed the fifth review under the Stand-By credit for Brazil. As a result, Brazil will be able to draw, if needed, up to the equivalent of SDR 814.05 million ( about US$1,066 million ) from the IMF.

In commenting on the Executive Board's discussion of the review, Stanley Fischer, First Deputy Managing Director, made the following statement:

"Executive Directors commended the authorities for the performance of the Brazilian economy under the Government's program and noted with satisfaction that developments in the Brazilian economy since the completion ... Ver mais

Read the text below in order to answer questions 19 to 22:

IMF COMPLETES BRAZIL FIFTH REVIEW

The Executive Board of the International Monetary Fund (IMF) today completed the fifth review under the Stand-By credit for Brazil. As a result, Brazil will be able to draw, if needed, up to the equivalent of SDR 814.05 million ( about US$1,066 million ) from the IMF.

In commenting on the Executive Board's discussion of the review, Stanley Fischer, First Deputy Managing Director, made the following statement:

"Executive Directors commended the authorities for the performance of the Brazilian economy under the Government's program and noted with satisfaction that developments in the Brazilian economy since the completion ... Ver mais

Read the text carefully, then answer questions 21 to 25 below. Choose the answer that is correct according to the ideas in the text.

From the text we understand that

Read the text carefully, then answer questions 21 to 25 below. Choose the answer that is correct according to the ideas in the text.

The number of Russians paying income tax ought to be roughly

Read the text below in order to answer questions

21 to 23:

A new budget system

In 1989, the Brazilian city of Porto Alegre came up with a radical solution to its major problems of unaccountability and extreme poverty: a participative budget. For the last decade, the people of the city have been deciding how the budget for public works should be allocated. Neighbourhood groups propose projects, and people from community groups and non-profit organisations who have been elected by their neighbours, decide which projects will go ahead. In some cases, the community delegates also oversee implementation of the final projects. This has had the triple result of avoiding corruption and mishandling funds, improving concrete matters on t... Ver mais

Read the text below in order to answer questions

24 to 27:

The politics of administrative reform

Most countries of Latin America stabilized and opened their economies in the first generation of market oriented reforms in the 1980s and early 1990s. Now they face a much more costly and protracted task of rebuilding state capacity to deliver social services, regulate the economy, avoid recurrent fiscal crises, and improve the overall functioning of government. Why have some countries progressed further on administrative reform than other countries? Administrative reform usually starts with small groups of reformers within the executive branch. Among factors that facilitate reform are: balance of payments and fisc... Ver mais