If real GDP per capita measured in 2007 dollars was $16,000 in 1961 and $48,500 in 2015, we would say that in the year 2015, the average Canadian could buy approximately ________ times as many goods and services as the average Canadian in 1961.

Question

Quizplus · Accepted Answer

Real GDP per capita in 2015 was $48,500, which is 48,500/16,000 = 3.03125 times greater than in 1961. Rounded to the nearest hundredth, this means the average Canadian could buy approximately 3 times as many goods and services in 2015 as in 1961. Therefore, the best choice is C, which corresponds to 3.

If Real GDP Per Capita Measured in 2007 Dollars Was