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Under fixed exchange rates, which one of the following statements is the MOST accurate? a. Devaluation causes a reduction of the money supply. b. Devaluation

Under fixed exchange rates, which one of the following statements is the MOST accurate? a. Devaluation causes a reduction of the money supply. b. Devaluation causes an expansion of the money supply. c. Devaluation causes a reduction in output. d. Devaluation causes a reduction in foreign reserves of the central bank

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