Action Sports with Leigh Roche

The Economist's iconic Big Mac index is a lighthearted way to compare currencies and buying power around the world.

NEW YORK (CNNMoney)

If you took your U.S. dollars to Norway, that's how deep the exchange rate would set you back. There, a McDonald's(MCD) Big Mac costs 48 Norwegian kroner, which translates to $7.76 in U.S. dollars.

That makes the krone the most "puffed-up currency" in The Economist's iconic Big Mac index. The magazine created the unofficial economic indicator in 1986 as a lighthearted way to compare currencies and buying power around the world.

According to its latest iteration of the index, released Thursday, Norway's currency is overvalued. There, you pay 62% more than you would in the United States, to get essentially the same product.

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So which country has the cheapest Big Mac? It used to be India with it's Big Mac substitute, the Maharaja Mac -- a chicken sandwich. This year though, Ukraine takes that distinction, as political turmoil depresses the value of its currency. There, you can buy a Big Mac for just $1.63, once you transfer your dollars into hryvnia.

As for the average price in the United States, those two all-beef patties, special sauce, lettuce, cheese, pickles, onions on a sesame seed bun, cost $4.80 these days.

In China, a Big Mac will set you back $2.73, whereas in Brazil, it's $5.86.

First Published: July 24, 2014: 2:18 PM ET...