Multiple Choice
Suppose the price of gold is $300 per ounce in the United States and 2,400 pesos per ounce in Mexico. If purchasing power parity holds and if the price of oil is $25 per barrel in the United States, the price of oil is ________ pesos per barrel in Mexico.
A) 3.125
B) 96
C) 200
D) 250
Correct Answer:
Verified
Correct Answer:
Verified
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