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Increase in nominal national income national income correct; GDP GNP NNP measurement excludes capital gains illegal income.
Ref: NCERT Economics Class XII Chapter 1 National Income Accounting explains GDP GNP NNP measurement methods circular flow concepts clearly.
Substitute price rise shifts demand out; consumers switch to relatively cheaper good.
Ref: NCERT Economics Class XI Chapter 2 Consumer Behaviour explains demand law elasticity utility indifference curve consumer equilibrium clearly.
Import tariff correct per microeconomics basics; central problems scarcity choice opportunity cost.
Ref: NCERT Economics Class XI Chapter 1 Introduction to Microeconomics explains central problems scarcity choice PPC opportunity cost concepts clearly.
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