Assertion (A) – National income is the flow concept. Reasoning (R) – It considers the production of goods and services in the economy during a year.

Flow of Goods and services and factors of production across different sectors in a barter economy is known as real flow since there are only exchange of goods and services...

Correct answer is (d) Assertion and reasoning both are correct

Option : (4) Both (A) and (R) are True and (R) is not the correct explanation of (A)

(iii) Both (A) and (R) are true and (R) is the correct explanation of (A).

(iv) Both (A) and (R) are true and (R) is not the correct explanation of (A).

(iii) Both (A) and (R) is true and (R) is the correct explanation of (A).

Correct option: (4) d

Correct option: (3) only c

Correct option: (3) a, b and c

Marginal Propensity to Consume=0.7