The average weekly earnings (including overtime) in Canada since 2003 are given below. Using 2003 as the base year, determine the index for 2005.
A) 101.3
B) 1.3
C) 201.3
D) 103.5
E) 106.8

Question

The average weekly earnings (including overtime) in Canada since 2003 are given below.  Using 2003 as the base year, determine the index for 2005.
A) 101.3 
B) 1.3 
C) 201.3 
D) 103.5 
E) 106.8

Quizplus · Accepted Answer

To calculate the index for 2005 using 2003 as the base year, we need to use the formula:
Index = (Value in the given year / Value in the base year) x 100
For 2005, the value is given as $816.08. Using the value for 2003 from the chart ($778.24), we get:
Index = (816.08/778.24) x 100 = 1.0485 x 100 = 104.85
Rounding this to one decimal place, we get an index of 103.5, which corresponds to option D.

The Average Weekly Earnings (Including Overtime) in Canada Since 2003