JAMB - Economics (2018 - No. 41)
The reduction in the value of a country’s currency in relation to the value of the currencies of other nation is known as____________
Deflation
Inflation
Devaluation
Revaluation
Wyjaśnienie
Devaluation is the official reduction of the exchange value of national currency in relation to the currencies of other countries. It is also the fall in the exchange value of a country's currency in relation to the currencies of other countries.