Answer: Option B
Answer: (b)
National Income is defined as the sum total of all the goods and services produced in a country, in a particular period of time. Normally this period consists of a one-year duration, as a year is neither too short nor long a period. National product is usually used synonymously with National income.
The Central Statistical Organization defines National income as “National Income is the sum of factor income earned by the normal residents of a country in the form of wages, rent, interest and profit in an accounting year.”