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The table below is taken from the Big Mac Index. After reviewing it, answer the questions listed below.

Country   Big Mac Prices
in U.S. dollars or local currency   Official Exchange Rate   (-)/(+)
Under/Over
Valuation against $, %
United States   $3.73      
China   Yuan 14.5   6.65/$1   
Norway   Kroner 45   6.25/$1   
Thailand   Baht 70   32.3/$1   
Mexico   Peso 32   12.8/$1   

What is meant by PPP? According to this table, which is the most overvalued and undervalued currency? Fill the last column showing under or over valuation of local currencies. Give reasons for your answer. What is the primary drawback of this index? How can this be used?
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thanks!
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