Explanation:

- Dadabhai Naoroji used the term "Jail cost of living" to describe the minimum income required to maintain a basic standard of living similar to that of a British prisoner.

- This was used to highlight the impoverished conditions faced by ordinary Indians compared to the British.

- Option 1: Hotel cost of living – This refers to the cost of staying in a hotel, which wasn't related to Naoroji's economic discussions.

- Option 2: Housing cost of living – This term generally pertains to expenses related to shelter and housing but was not a focus of Naoroji’s critique.

- Option 3: Jail cost of living – This is the correct term used by Naoroji to illustrate economic conditions in colonial India.

- Option 4: None of the above – This is incorrect as option 3 is indeed correct.