If real GDP per capita measured in 2009 dollars was $6,000 in 1950 and $48,000 in 2018,we would say that in 2018,the average American could buy ________ times as many goods and services as the average American in 1950.

Question

Quizplus · Accepted Answer

To calculate how many times as many goods and services the average American in 2018 could buy as the average American in 1950, we need to divide the real GDP per capita in 2018 by the real GDP per capita in 1950:
$48,000 ÷ $6,000 = 8
Therefore, the average American could buy 8 times as many goods and services in 2018 as the average American in 1950. So, the answer is C) 8.

If Real GDP Per Capita Measured in 2009 Dollars Was