Which of the following terms define the Real National Income?

Correct option is B

The correct answer is option ( b ) GDP at constant price

Information Booster :

•  It refers to the total value of all goods and services produced in an economy, adjusted for inflation.
• It reflects the purchasing power and economic output in constant prices, providing a more accurate measure of economic performance than nominal income.

Common terms related to Real National Income:

1. Gross Domestic Product (GDP) at constant prices: A measure of economic output adjusted for price changes (inflation or deflation).
2. Real GDP: Often used interchangeably with Real National Income when considering domestic economy adjustments.
3. Per capita real income: Real National Income divided by population, indicating the average income adjusted for inflation.