A particular set of golf clubs in the U.S. costs $990. According to absolute purchasing power parity, what should the identical set of clubs cost in the U.K. when the spot rate is £0.6703 = $1?
A) £1,476.95
B) £1,428.08
C) £633.80
D) £647.50
E) £663.60
Correct Answer:
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