2. Assume that the prices of a standard basket of goods and services in different countries are as follows United States $400 . Canada C$500 United Kingdom 220 Japan 60,000 a. What are the implied PPP exchange rates? b. How would the presence of a high sales tax in Britain, such as the value added tax (VAT), influence your guess of where the actual value of S($/f) would be vis--vis the PPP value of S($/ )?