If a cup of coffee costs 2 euros in Paris and $6 in New York and purchasing-power
Question:
If a cup of coffee costs 2 euros in Paris and $6 in New York and purchasing-power parity holds, what is the exchange rate?
a. 1/4 euro per dollar
b. 1/3 euro per dollar
c. 3 euros per dollar
d. 4 euros per dollar
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