Which of the following best describes exchanges rates that are determined by the demand and supply foreign exchange in the absence of official intervention?

Explain how the nominal wage rate is converted into the real wage rate. Explain why this process of conversion changes the nominal wage rate into the real wage rate

What will be an ideal response?

Which of the following statements about cartels is false?

A. Cartels are illegal in the United States. B. If a cartel is to be successful, it must secure the full support of all its members. C. Cartels are reluctant to raise or lower their prices. D. A cartel is a group of firms colluding to control output and maximize group profits.