Which of the following statement/statements are true? Statement 1: Accounting of national income at constant prices is called real income. Statement 2: National income is the monetary value of all final goods and services produced by the residents of a country.

Both the statements are true. Both the statements are false. Statement 1 is true and Statement 2 is false Statement 2 is true and Statement 1 is false

Both the statements are true.

National income at constant prices is real income. National income is the monetary value of all final goods and services produced by the residents of a country.