Please help

We often distinguish real from nominal variables, 1) Explain the difference between the nominal and the real exchange rate. [5 points b) If the local economy experiences a higher rate of price inflation than the United States and the nominal exchange rate doesn't adjust, what happens to the real exchange rate? [3 points c) Explain why and how this change in the real exchange rate affects the level of the country's imports and exports. [2 points 4. Identify and explain the ways in which markets can fail [10 points