Question:
The following table provides a list of countries selling Big Mac and market exchange rates in January 2019.
Country Big Mac
(Price in local currency)
Market Exchange Rate
(Local currency per USD)
United States 5.58 USD 1.00 Norway 50.00 Kroner 8.53 Kroner/USD Japan 390.00 Yen 108.44 Yen/USD Mexico 49.00 Pesos 17.31 Pesos/USD China 20.90 Yuan 6.85 Yuan/USD Russia 110.17 Rubles 66.69 Rubles/USD India 178.00 Rupees 69.69 Rupees/USD
Using the above information, the cheapest price (in USD) of Big Mac is _______ (round off to 2 decimal places).
The following table provides a list of countries selling Big Mac and market exchange rates in January 2019.
Using the above information, the cheapest price (in USD) of Big Mac is _______ (round off to 2 decimal places).
| Country | Big Mac | Market Exchange Rate |
| United States | 5.58 USD | 1.00 |
| Norway | 50.00 Kroner | 8.53 Kroner/USD |
| Japan | 390.00 Yen | 108.44 Yen/USD |
| Mexico | 49.00 Pesos | 17.31 Pesos/USD |
| China | 20.90 Yuan | 6.85 Yuan/USD |
| Russia | 110.17 Rubles | 66.69 Rubles/USD |
| India | 178.00 Rupees | 69.69 Rupees/USD |
Using the above information, the cheapest price (in USD) of Big Mac is _______ (round off to 2 decimal places).
Updated On: Nov 26, 2025
Show Solution
Verified By Collegedunia
Correct Answer: 1.63
Solution and Explanation
To determine the cheapest price of a Big Mac in USD using the provided data, we calculate the price in USD for each country using the formula:
USD Price = (Price in Local Currency) / (Market Exchange Rate).
Calculations:
- United States: 5.58 USD (already in USD)
- Norway: 50.00 Kroner / 8.53 = 5.86 USD
- Japan: 390.00 Yen / 108.44 = 3.60 USD
- Mexico: 49.00 Pesos / 17.31 = 2.83 USD
- China: 20.90 Yuan / 6.85 = 3.05 USD
- Russia: 110.17 Rubles / 66.69 = 1.65 USD
- India: 178.00 Rupees / 69.69 = 2.55 USD
The smallest USD price is from Russia: 1.65 USD.
Final Answer: The cheapest price is 1.65 USD.
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