What is 7/3 x 3/2 ? because that is

 7/2 ; or, 3 1/2 ;  or, 3.5 .

  Given: (7/3) * (3/2) ;  The "3's" cancel to "1's".

And we have:  (7/1) * (1/2) = (7*1) / (1*2) = 7/2 ; and 7/2 = 3 1/2  = 3.5.

Alternately:

Given:  (7/3) * (3/2) ;

  (7/3) * (3/2) = (7*3) / (3*2) = 21/6 ; which can be simplified:

   21/6 = (21÷3) / (6÷3) = 7/2  ; and 7/2 = 3  1/2  = 3.5 .