Which statement best describes the evolution of the Canadian economy over the past decades?
A) Real GDP in 2014 was less than three times its level in 1970.
B) The output of goods and services grew on average about 1 percent per year from 1970 to 2014.
C) Real GDP was approximately constant over the past decades,only prices have increased.
D) Growth in real GDP has allowed an improvement in Canadians' standard of living.

Question

Quizplus · Accepted Answer

The statement that best describes the evolution of the Canadian economy over the past decades is that growth in real GDP has allowed an improvement in Canadians' standard of living. This is supported by data showing that real GDP has increased significantly over the past decades, rising from roughly $554 billion in 1970 to over $1.8 trillion in 2014. This growth has allowed Canadians to enjoy higher levels of consumption and a wider array of goods and services, contributing to an overall improvement in standard of living.

Which Statement Best Describes the Evolution of the Canadian Economy