National income at constant prices means:

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SSC CHSL Exam 2024 Tier-I Official Paper (Held On: 04 Jul, 2024 Shift 4)
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  1. income estimated at base year prices
  2. income estimated at any year prices
  3. income estimated for next year prices
  4. income estimated at current year prices

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Option 1 : income estimated at base year prices
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SSC CHSL Exam 2023 Tier-I Official Paper (Held On: 02 Aug 2023 Shift 1)
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The correct answer is income estimated at base year prices

Key Points

  • Income estimated at base year prices refers to national income calculated using the prices of a specific base year, which helps in eliminating the effects of inflation and provides a more accurate measure of real income over different periods.
  • This method allows for a consistent comparison of economic performance over time by adjusting for changes in price levels.
  • It is also known as national income at constant prices or real national income.
  • Using base year prices helps in understanding the actual growth of the economy without the distortion caused by fluctuating prices.

Additional Information

  • The concept of national income at constant prices is crucial for economic analysis and policy-making.
  • It helps in understanding the real growth of different sectors of the economy.
  • The base year is periodically updated to reflect more recent economic conditions and to provide a more accurate measure of real economic performance.
  • National income is a vital indicator of the economic health of a country and is used for planning and development purposes.
  • Organizations like the Central Statistical Office (CSO) in India are responsible for calculating and publishing national income data.
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