Every few years, the International Comparison Program(Links to an external site.) estimates and publishes purchasing power parities (PPP).

Which of the following should be true for any "basket" of goods to be used to calculate PPP-adjusted exchange rates across several countries?

Group of answer choices

1- The prices of each of the goods in the basket should be equivalent across all countries

2- The goods comprising the basket should be equivalent across all countries

3- The consumption levels of each of the goods in the basket should be the same across all countries

4- b and c

5- a, b and c