Under the managed floating system of exchange rates:

A. all exchange rates vary with changes in the free-market prices of gold.
B. industrialized nations meet once each year to negotiate readjustments in their exchange
rates.
C. exchange rates are essentially flexible, but governments intervene to offset disorderly
fluctuations in rates.
D. exchange rates are adjusted at the discretion of the IMF.

answer:

C. exchange rates are essentially flexible, but governments intervene to offset disorderly
fluctuations in rates.