Question: A steak dinner in the U.S. costs $25, while the exact meal costs 300 pesos across the border in Mexico. Purchasing power parity implies that

A steak dinner in the U.S. costs $25, while the exact meal costs 300 pesos across the border in Mexico. Purchasing power parity implies that the Peso/$ exchange rate is: Answer a. Ps11.25/$1 b. Ps11.50/$1 c. Ps12.00/$1 d. Ps12.50/$1 e. Ps12.75/$1

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