big mac index

Main Entry:  Big Mac Index
Part of Speech:  n
Definition:  an index for exchange rates for purchasing power parity (PPP) based solely on the prices of the Big Mac sandwich of McDonald's restaurants around the world, published each spring by The Economist newspaper
Example:  The Big Mac Index is an informal way of measuring whether one currency is at the theoretically correct exchange rate with another currency.
Etymology:  1986
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