The "Big Mac index" was created by The Economist magazine to determine
A. how successful the McDonald's corporation has been around the world.
B. the accuracy of exchange rates.
C. whether or not the dollar was overvalued or undervalued.
D. None of these statements are true.
C. whether or not the dollar was overvalued or undervalued.
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A nation has a comparative advantage in the production of cars over another nation if: a. it can produce cars with fewer resources than the other country
b. it can produce cars at a lower opportunity cost than the other country. c. it can produce cars at a higher opportunity cost than the other country. d. it can produce cars at the same opportunity cost and its consumers have a stronger preference for cars than consumers in the other country.
If two variables are directly related, the relationship will have a graph that:
A. Is a straight line B. May either be upward-sloping or downward-sloping C. Is an upward-sloping line D. Is horizontal