What are the advantages and disadvantages of the Purchasing Power Parity $($CPI$)$ ranking system approacl and the Purchasing Power Parity $($BigMac$)$ ranking system approach?

The Purchasing Power Parity $($CP$)$ ranking is simpler to evaluate since it uses a basket of goods, while the $($BigMac$)$ ranking system is more challenging to evaluate because it is based on a single product.

The Purchasing Power Parity $($CPI$)$ ranking is more comprehensive since it uses

a single product, while the $($BigMac$)$ ranking system is simpler to evaluate

because it is based on a basket$-$of goods.

The Purchasing Power Parity $($CPI$)$ ranking is more comprehensive since it uses a basket of goods, while the $($BigMac$)$ ranking system is simpler to evaluate because it is based on a single product.