If real GDP per capita measured in 2009 dollars was $6,000 in 1950 and $48,000 in 2013,we would say that in the year 2013,the average American could buy ________ times as many goods and services as the average American in 1950.

Question

Quizplus · Accepted Answer

To find out how many times as many goods and services the average American could buy in 2013 compared to 1950, we need to divide the GDP per capita of 2013 by the GDP per capita of 1950:

$48,000 / $6,000 = 8

Therefore, the answer is 8, which means the average American could buy 8 times as many goods and services in 2013 compared to 1950.

If Real GDP Per Capita Measured in 2009 Dollars Was