1.19 Read the following extract and answer questions 1.19 and 1.20. Rand's remarkable resilience inflicts pain on its doubters The rand seems to no longer follow the rules of the emerging-markets playbook, according to an expert. While many investors expected the rand to buckle in the face of rising US Treasury yields and prospects of a more aggressive pace of Federal Reserve hikes, the currency has done the opposite. The rand is sometimes referred to in currency market circles as "the rattler", because of its habit of snapping back hard in the opposite direction to a big move. There is a reason South Africa's currency is called "the rattler". While many an investor expected the rand to buckle in the face of rising US Treasury yields and prospects of a more aggressive pace of Federal Reserve hikes, the currency has done the opposite. It's just posted its fifth weekly gain, causing pain for those who have bet against it. "In a risk-off and volatile environment, the rand used to be one of the weakest currencies," said Milan-based investor Roberto Bagnato at Immobiliare Quadronno, a market veteran of more than 40 years. "It was easy to short then because the South African Reserve Bank has a tradition of making no intervention to defend the currency." Commodity play Lars Merklin, senior analyst at Danske Bank in Copenhagen, said the rand may be getting help from robust commodity prices... 1.19 The view held by Roberto Bagnato is that historically the S/ZAR exchange rate is... a) A fixed exchange rate. b) A floating exchange rate. c) A managed floating exchange rate. d) A real exchange rate. 1.20 South Africa trades in commodities... a) For political pressure b) Due to its absolute advantage in producing commodities c) Due to its comparative advantage in producing commodities d) To invest in the global economy