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What is meant by real income? - Economics

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Question

What is meant by real income?

Very Short Answer
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Solution

Real income is the national income expressed in terms of level of prices of a particular year taken as the base.

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Chapter 32: Concepts of National Income - TEST QUESTIONS [Page 32.17]

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R. K. Lekhi and P. K. Dhar Economics [English] Class 12 ISC
Chapter 32 Concepts of National Income
TEST QUESTIONS | Q A. 15. | Page 32.17
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