If a Starbucks tall latte cost $3.20 in the United States and 3 euros in the Euro area, then purchasing-power parity implies the nominal exchange rate is how many euros per dollar?
a ...938 If the exchange rate is less than this, it costs more dollars to buy a tall latte in the U. S. than in the Euro area.
b ...938 If the exchange rate is less than this, it costs fewer dollars to buy a tall latte in the U. S. then in the Euro area.
c. 1.067 If the exchange rate is less than this, it costs more dollars to buy a tall latte in the U. S. than in the Euro area.
d. 1.067 If the exchange rate is less than this, it costs fewer dollars to buy a tall latte in the U. S. than in the Euro area.
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