A good steak dinner in the U.S.costs $49 while the exact meal costs 660 pesos across the border in Mexico.Based on purchasing power parity,what is the implied peso/$ exchange rate?
A) Ps0.0833/$1
B) Ps12.00/$1
C) Ps14.42/$1
D) Ps14.67/$1
E) Ps15.08/$1
Correct Answer:
Verified
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