The following table lists 2012 GDP per capita for four countries. The data are given in the national currencies of the countries. It also lists the price of a Big Mac in local currency in each country in 2012. The price of a Big Mac in the United States in 2012 was $4.10. Using the Big Mac as a representative commodity common to the countries, calculate the purchasing power parity (PPP)-adjustment factor for each country, and then the PPP level of GDP per capita in each country. (Round your responses for the PPP-adjustment factor to three decimal places and round PPP GDP per capita to the nearest integer.) 2012 GDP per Capita 2012 Big Mac Price Purchasing Power Parity (PPP)- Adjustment Factor PPP Level of GDP per Capita Norway (krone) Poland (zloty) 579,162 41 krone 41,398 9.1 zloty Turkey (Turkish lira) 19,580 6.6 Turkish lira United Kingdom (British pound) 24,740 2.49 pounds
The following table lists 2012 GDP per capita for four countries. The data are given in the national currencies of the countries. It also lists the price of a Big Mac in local currency in each country in 2012. The price of a Big Mac in the United States in 2012 was $4.10. Using the Big Mac as a representative commodity common to the countries, calculate the purchasing power parity (PPP)-adjustment factor for each country, and then the PPP level of GDP per capita in each country. (Round your responses for the PPP-adjustment factor to three decimal places and round PPP GDP per capita to the nearest integer.) 2012 GDP per Capita 2012 Big Mac Price Purchasing Power Parity (PPP)- Adjustment Factor PPP Level of GDP per Capita Norway (krone) Poland (zloty) 579,162 41 krone 41,398 9.1 zloty Turkey (Turkish lira) 19,580 6.6 Turkish lira United Kingdom (British pound) 24,740 2.49 pounds
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter17: Growth And Less Developed Countries
Section: Chapter Questions
Problem 2SQP
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