If a country devalues its currency, there would be
Answer Details
If a country devalues its currency, there would be an increase in exports and a reduction in imports. This is because the devalued currency means that the country's exports become cheaper for foreign buyers, making them more competitive and attractive. At the same time, imports become more expensive, which may lead to a reduction in their demand. The increase in exports can help boost the country's economy, as it creates jobs and generates income. However, the increase in local standard of living cannot be directly attributed to currency devaluation, as it depends on many other factors such as the country's economic policies, social programs, and overall economic conditions.