In this exercise, though, we're talking "crappiest" not "cheapest". We're at a weird point now that many bargain brands are great, but some of the name brand and no-name brand are a totally different story.
I've had two batches of Isreali IWI blow primers, several calibers of Winchester that were either filthy, wildly inconsistent, or made with such low quality brass that they didn't run reliably in semi-autos at all, Blazer aluminum case that stovepiped constantly in some of my guns, several American-made bargain brands that popped up through the years with questionable quality control, and several foreign-made ammunitions from Arabic and Latin countries that disapeared almost as quickly as they arrived.
PMC is "adequate" and PPU is somewhere in the top bracket.
Heck, the current "lawyer-loaded" rounds made by most American companies won't even cycle in nearly an entire generation of semi-auto pistols. I generally have had good luck with Remington, for example, but I can't reliably run a Mauser 1934, the average P08, or an entire continent's worth of blowback .32 and .380 pistols made between 1900 and WWII; but they will run on Fiocchi, MFS, PPU, S&B, Igman, MaxxTech, and MagTech - all far cheaper ammos. That's maybe a bad example, however, for the overall topic, but my point is that "cheap" ammo doesn't mean "crappy."