Question: Define Purchasing Power Parity? Under what conditions should PPP hold? Does PPP hold in the short run? In the long run? Why, or why not?

Define "Purchasing Power Parity"? Under what conditions should PPP hold? Does PPP hold in the short run? In the long run? Why, or why not? In 1986, the Economist invented the Big Mac Index. What does this index refer to. and how can we use this index? Your response should include the answers to all questions. Be specific: you can use bullet points to answer the questions to save time. But ensure I will understand what you plan to say

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