Which of the following is correct? Purchasing power parity refers to ________.
1) An economic measure that considers the disposable income a household has after paying for housing, food, education, and healthcare expenses.
2) An economic measure that adjusts for the local cost of goods and services.
3) An income measure that determines how much a country can purchase per capita.
4) The places where Big Macs are the cheapest.
5) The process of converting all currencies into USD.