Janet was chatting with her grandfather about how times have changed since his youth. It turns out that Janet and her husband earn about the average income for Canadians in 2011. Thinking back to 1951, her grandfather figured out that his family income would also have been about the average income of Canadian families. How much higher would Janet's family income be compared to her grandfather's?

Question

Quizplus · Accepted Answer

When adjusting for inflation and considering the average growth in real income over the decades, Janet's family income would be about 20 times more than her grandfather's in 1951. This takes into account the significant economic growth, inflation, and changes in the standard of living over the 60-year period between 1951 and 2011.

Janet Was Chatting with Her Grandfather About How Times Have