Question

Difference between national income st current prices and national income at constant price

Answer 1

Explanation:

National Income at Constant Prices: When national product is estimated on the basis of prices prevailing in the base year, it is called national income at constant prices or real national income. National Income at Current Prices: When national product is estimated on the basis of prices prevailing in the current year, it is called national income at current prices or nominal national income. National income at constant prices = (National income at current prices)/(Price index of current year) x Price

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