Flexible Exchange Rate Regime. 1) Clearly outline how the flexible exchange rate is determined. (6 marks) 2) Discuss three advantages and three disadvantages of the flexible exchange rate regime in a country. (24 marks) 3) Explain how the flexible exchange rate may be used to correct disequilibrium within an economy. (10marks) 4) Compile a list of five (5) countries which has implemented the flexible exchange rate