Each year, The Economist publishes data on the price of the Big Mac in different countries and
Question:
a. Where was it cheapest to buy a Big Mac in U.S. dollars in 2007?
b. Where was it cheapest to buy a Big Mac in U.S. dollars in 2016?
c. Using the increase in the local currency price of the Big Mac in each country to measure the percent change in the overall price level from 2007 to 2016, which nation experienced the most inflation? Did any of the nations experience deflation?
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Related Book For
Macroeconomics
ISBN: 978-1319120054
3rd Canadian edition
Authors: Paul Krugman, Robin Wells, Iris Au, Jack Parkinson
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