cost living, Bic Mac Index, GNI per capita, culture and easy business in Venezuela?

Expert Solution

Cost of living in Venezuela is 10.16% higher than in India (aggregate data for all cities, rent is not taken into account). Rent in Venezuela is 3.08% higher than in India(average data for all cities).

Bic Mac Index - THE Big Mac index was invented by The Economist in 1986 as a lighthearted guide to whether currencies are at their “correct” level. It is based on the theory of purchasing-power parity (PPP), the notion that in the long run exchange rates should move towards the rate that would equalise the prices of an identical basket of goods and services (in this case, a burger) in any two countries. For example, the average price of a Big Mac in America in January 2018 was $5.28; in China it was only $3.17 at market exchange rates. So the "raw" Big Mac index says that the yuan was undervalued by 40% at that time

Official exchange rate is 1/7 of what you really pay for dollars in the street. If you add inflation rates of 4% every month, then you can see that the Big Mac Index is really off in regards to Venezuela.

GNI per capita of Venezuela is 17440 PPP $

Culture of Venezuela -

Venezuela has a rich cultural heritage.

Venezuela's culture have been heavily influenced by the Caribbean context.

These elements extend to its historic buildings, architecture,art,landscape, boundaries, and monuments.

Venezuelan culture has been shaped by Indigenous, Spanish and African influences. Before this period, indigenous culture was expressed in art (hieroglyphs), crafts, architecture (shabonos), and social organization. Aboriginal culture was subsequently assimilated by Spaniards; over the years, the hybrid culture had diversified by region.

Easy Business in Venezuela are as follows -

Petroleum
Iron, Steel, and Aluminum
Agriculture
Banking
Tourism
Fishing
Insurance

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