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Scenario: The price of an iPhone 5s in the United States is $399. The table below lists the income ...

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Scenario: The price of an iPhone 5s in the United States is $399. The table below lists the income ...

Scenario: The price of an iPhone 5s in the United States is $399. The table below lists the income per capita and the price of the same iPhone in the domestic currencies of four different countries in 2014.

Country	Income per Capita	iPhone Price
Country 1	15,600 units	999 units
Country 2	34,500 units	2,300 units
Country 2	22,670 units	10,500 units
Country 2	20,000 units	1,900 units

Refer to the scenario above. What is the PPP-based exchange rate between the currency of Country 1 and the U.S. dollar?

▸ 1.2 units of Country 1's currency for $1

▸ 0.4 units of Country 1's currency for $1

▸ 2.5 units of Country 1's currency for $1

▸ 1 unit of Country 1's currency for $2.50

Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

Read 47 times

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Good timing, thanks!

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Smart ... Thanks!

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