When the Big Mac in Egypt Cost $US2

question 26

Multiple Choice

When the Big Mac in Egypt cost $US2.28, which is less than it does in converted US dollars, we can say it _____.

• A) should not be measured
• B) difficult to ascertain, as the currency is volatile
• C) is undervalued
• D) is overvalued

---

Definitions:

Efficiently Used

Utilized in a manner that maximizes productivity or effectiveness while minimizing waste or unnecessary expenditure of resources.

Scarcity

The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.

Efficiency

The optimal use of resources to achieve the best possible outcome.

Opportunities

Options or possibilities for individuals or firms to engage in beneficial activities or investments.