Fish, lamb and beef meat is produced in Iceland, while beef is often imported (but also exported).

On 1 November 2009, all three of the McDonaldвЂ™s in Iceland closed, primarily due to the chainвЂ™s high cost of importing most of the chainвЂ™s meat and vegetables, by McDonaldвЂ™s demands and standards, from the Eurozone.ДЄt the time, a Big Mac in Iceland cost 650 krona ($5.29), and the 20% price increase that would have been needed to stay in business would have increased that cost to 780 krona ($6.36). There is a lot of variance with the exclusively beef вЂњBig MacвЂќ: the Australian version of the Big Mac has 22% fewer Calories than the Canadian version, and is 8% lighter than the version sold in Mexico. The Chicken Maharaja Mac serves as a substitute for the Big Mac.

In IndiaВ - which is a predominantly Hindu countryВ - beef burgers are not available at any McDonaldвЂ™s outlets. Not all Big Mac burgers offered by the chain are exclusively beef.

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The Big Mac (and virtually all sandwiches) vary from country to country with differing nutritional values, weights and even nominal size differences. Social status of eating at fast food restaurants such as McDonaldвЂ™s in a local market, what proportion of sales might be to expatriates, local taxes, levels of competition, and import duties on selected items may not be representative of the countryвЂ™s economy as a whole. In many countries, eating at international fast-food chain restaurants such as McDonaldвЂ™s is relatively expensive in comparison to eating at a local restaurant, and the demand for Big Macs is not as large in countries such as India as in the United States. While economists widely cite the Big Mac index as a reasonable real-world measurement of purchasing power parity, the burger methodology has some limitations. This value is then compared with the actual exchange rate if it is lower, then the first currency is under-valued (according to PPP theory) compared with the second, and conversely, if it is higher, then the first currency is over-valued. The Big Mac PPP exchange rate between two countries is obtained by dividing the price of a Big Mac in one country (in its currency) by the price of a Big Mac in another country (in its currency). For these reasons, the index enables a comparison between many countriesвЂ™ currencies.

The Big Mac was chosen because it is available to a common specification in many countries around the world as local McDonaldвЂ™s franchisees at least in theory have significant responsibility for negotiating input prices. In the Big Mac Index, the basket in question is a single Big Mac burger as sold by the McDonaldвЂ™s fast food restaurant chain. One suggested method of predicting exchange rate movements is that the rate between two currencies should naturally adjust so that a sample basket of goods and services should cost the same in both currencies. The index also gave rise to the word burgernomics. The Big Mac index was introduced in The Economist in September 1986 by Pam Woodall as a semi-humorous illustration of PPP and has been published by that paper annually since then. It вЂњseeks to make exchange-rate theory a bit more digestibleвЂќ. The Big Mac Index is published by The Economist as an informal way of measuring the purchasing power parity (PPP) between two currenciesВ and provides a test of the extent to which market exchange rates result in goods costing the same in different countries. McDonaldвЂ™s prices around the world are an incredibly useful means to measuring purchasing power parity between countries but how much does a McDonaldвЂ™s meal cost around the world for a South African.

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