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Purchasing power parity

Purchasing power parity is a term that measures prices in different areas using a specific good or goods to contrast the absolute purchasing power between different currencies. In many cases, PPP produces an inflation rate, equal to the price of the basket of goods at one location divided by the price of the basket of goods at a different location; the PPP inflation and exchange rate may differ from the market exchange rate because of poverty and other frictions. PPP exchange rates are used when comparing the GDP of different countries. Purchasing power parity is an economic term for measuring prices at different locations, it is based on the Law of One Price, which says that, if there are no transaction costs nor trade barriers for a particular good the price for that good should be the same at every location. So, in the ideal, a computer in New York and in Hong Kong should have the same price. If its price is 500 US Dollars in New York and the same computer costs 2000 HK Dollars in Hong Kong, PPP theory says the exchange rate should be 4 HK Dollars for every 1 US Dollar.

Poverty and other frictions prevent trading and purchasing of various goods, so measuring a single good can cause a large error. PPP term accounts for this by using a "basket of goods", that is, many goods with different quantities. PPP computes an inflation and exchange rate as the ratio of the price of the basket in one location to the price of the basket in the other location. For example, if a basket consisting of 1 computer, 1 ton of rice, 1 ton of steel was 1800 US Dollars in New York and the same goods cost 10800 HK Dollars in Hong Kong, the PPP exchange rate would be 6 HK Dollars for every 1 US Dollar; the name "purchasing power parity" comes from the idea that, with the right exchange rate, consumers in every location will have the same purchasing power. The value of the PPP exchange rate is dependent on the basket of goods chosen. In general, goods are chosen that might obey the Law of One Price. So, ones traded and are available in both locations. Different organizations that compute PPP exchange rates use different baskets of goods and can come up with different values.

The PPP exchange rate may not match the market exchange rate. The market rate is more volatile. Tariffs and difference in the price of labor can contribute to longer term differences between the two rates. One use of PPP is to predict longer term exchange rates; because PPP exchange rates are more stable and are less affected by tariffs, they are used for many international comparisons, such as comparing countries' GDPs or other national income statistics. These numbers come with the label "PPP-adjusted". There can be marked differences between purchasing power adjusted incomes and those converted via market exchange rates. A well-known purchasing power adjustment is the Geary–Khamis dollar; the World Bank's World Development Indicators 2005 estimated that in 2003, one Geary-Khamis dollar was equivalent to about 1.8 Chinese yuan by purchasing power parity—considerably different from the nominal exchange rate. This discrepancy has large implications. At the other extreme, for instance Denmark's nominal GDP per capita is around US$53,242, but its PPP figure is US$46,602, in line with other developed nations.

There are variations to calculating PPP. The EKS method uses the geometric mean of the exchange rates computed for individual goods; the EKS-S method uses two different baskets, one for each country, averages the result. While these methods work for 2 countries, the exchange rates may be inconsistent if applied to 3 countries, so further adjustment may be necessary so that the rate from currency A to B times the rate from B to C equals the rate from A to C. Relative PPP is a weaker statement based on the Law of One Price, covering changes in the exchange rate and inflation rates, it seems to mirror the exchange rate closer. Purchasing power parity exchange rate is used when comparing national production and consumption and other places where the prices of non-traded goods are considered important. PPP rates can be used when that attribute is important. PPP exchange rates help costing but exclude profits and above all do not consider the different quality of goods among countries; the same product, for instance, can have a different level of quality and safety in different countries, may be subject to different taxes and transport costs.

Since market exchange rates fluctuate when the GDP of one country measured in its own currency is converted to the other country's currency using market exchange rates, one country might be inferred to have higher real GDP than the other country in one year but lower in the other. But if one country's GDP is converted into the other country's currency using PPP exchange rates instead of observed market exchange rates, the false inference will not occur. GDP measured at PPP controls for the different costs of living and price levels relative to the United States dollar, enabling a more accurate estimate of a nation's level of production; the exchange rate reflects transaction values for traded goods between countries in contrast to non-traded goods, that is, goods produced for home-country use. Als

Bloodbrothers (album)

Bloodbrothers is the third album by The Dictators and their second after switching to the Asylum label. AllMusic, critical of the band's previous album, released a favorable review of Bloodbrothers, stating that it "stands as a good example of what the band sounded like on a good night", as well as calling it "The Dictators' most rockingest and most musical album." "Faster and Louder" features an uncredited guest appearance from Bruce Springsteen. All songs written except as indicated. Side one"Faster and Louder" – 2:48 "Baby, Let's Twist" – 3:52 "No Tomorrow" – 3:17 "The Minnesota Strip" – 4:06 "Stay with Me" – 4:10Side two"I Stand Tall" – 5:04 "Borneo Jimmy" – 4:04 "What It Is" – 3:00 "Slow Death" – 4:19 The DictatorsHandsome Dick Manitoba – lead vocals Ross "The Boss" Friedman – lead guitar, 12-string guitar Scott "Top Ten" Kempner – rhythm guitar Andy Shernoffbass guitar, lead & background vocals Ritchie Teeter – drums, background vocalsProductionMurray Krugman, Sandy Pearlman – producers Shelly Yakus, Jay Krugman – engineers

Ray Graham

Raymond E. Graham is an American football running back, he played college football for the Pittsburgh Panthers. Graham attended Elizabeth High School in New Jersey, he was a first team All-Union County, was Union County Player of the Year after he rushed for 1,592 yards and averaged nine yards per carry, scoring 24 touchdowns to lead Union County with 144 points. He saw limited time as a junior due to a preseason collarbone injury but returned late in the year and rushed for 750 yards and scored 12 touchdowns in Elizabeth's final four games, he rushed for 13 TDs as a sophomore. He was a four-year letterman. Considered a four-star recruit by Rivals.com, he was rated as the 11th all-purpose back in the nation. He accepted a scholarship from Pittsburgh over offers from Maryland; as a freshman in 2009, he gained 349 yards, including a 53-yard run against Notre Dame. The USA Today reported that "Graham ran through half of the Notre Dame defense on a 53-yard run that led to his 2-yard score one play later."As a sophomore in 2010, Graham rushed for 922 yard and averaged 6.2 yards per carry.

On October 2, 2010, he had a career-high 277 rushing yards against FIU. His total against FIU was the second-highest in Pitt football history, trailing only Tony Dorsett's 303-yard game against Notre Dame in 1975. Through seven games of the 2011 season, Graham led the nation in rushing yards with 945 yards and nine touchdowns on 162 carries, he has 200 receiving yards on 20 receptions. However, his season came to an abrupt end after he sustained a torn right ACL against Connecticut in the second quarter on October 26, 2011. Graham returned from his injury in 2012, gaining 1,042 rushing yards on 222 carries, with 11 touchdowns, along with 340 receiving yards and two touchdown receptions. Graham put up a personal best for 2012 against National Championship contenders Notre Dame, he recorded 172 yards on 24 attempts averaging 7.2 yards a carry, 1 touchdown. His efforts helped the Panthers take the game into three overtimes only to come up a field goal shy of a victory. After not being selected in the 2013 NFL Draft, Graham signed with the Houston Texans on April 27, 2013 as an undrafted free agent.

He was released on August 26, 2013 and was subsequently signed to the practice squad by the Steelers on November 19, 2013. On December 25, 2013, the Houston Texans signed him to their 53-man roster. Graham was subsequently cut after training camp in 2014. Graham is the brother of Detroit Lions linebacker Khaseem Greene. Pittsburgh Panthers bio Houston Texans bio