The price of a burger is $4.50 Canadian in Toronto, and the exchange rate is 90 U.S. cents per Canadian dollar. If purchasing power parity holds, which of the following statements is correct?

Question

Answer

The Canadian dollar is expected to depreciate against the U.S. dollar.

Answer

A burger is $4.64 U.S. in New York.

Answer

A burger is $4.50 U.S. in New York.

Answer

The U.S. dollar is expected to depreciate against the Canadian dollar.

Answer

A burger is $4.05 U.S. in New York.

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The price of a burger is $4.50 Canadian in Toronto, and the exchange rate is 90 ...

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