Using the cost of a similar market basket of goods across countries to compare an economic variable like gross national income applies the concept of

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Using the cost of a similar market basket of goods across countries to compare an economic variable like gross national income is an application of purchasing power parity (PPP). PPP adjusts exchange rates to account for differences in the cost of living between countries, which allows for more accurate comparisons of economic variables.

Using the Cost of a Similar Market Basket of Goods