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Accounting of National Income at constant prices is known as ________
Money income
Real income
Current income
Domestic income
- Money Income: This refers to the income measured in monetary terms during a certain period. It does not consider inflation or constant prices.
- Real Income: This is the income adjusted for inflation or expressed at constant prices. It reflects the true purchasing power and is used to measure the actual worth over time.
- Current Income: This refers to income that is not adjusted for inflation. It reflects prices in current terms without considering changes in purchasing power.
- Domestic Income: This refers to the total income generated within a country, but not necessarily at constant prices. It includes all economic production within a nation's borders.
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