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Which of the following statements is not correct?

[A].	Devaluation can have only temporary effects and it may provoke other countries to retaliate	[B].	Many countries of Europe resorted to exchange clearing agreements during the 1930s
[C].	The balance of payments of a country is a balance sheet showing the country's foreign assets and liabilities at any given period of time	[D].	The concept of single factoral terms of trade was developed by Jacob Viner.

Answer: Option A