22Exchange Rates International CompetitivenessMedium1 mark
A currency is devalued.
Over what time period and for what type of economy is there likely to be the greatest improvement
in national income?
| time period | type of economy | |
|---|---|---|
| A | long run | closed economy |
| B | long run | open economy |
| C | short run | closed economy |
| D | short run | open economy |