Consider the following statements: A) The impact of an externality is always positive. B) Real national income means national income evaluated at constant prices. Which of the statement(s) given above is/are FALSE?

Given below are two statements, one labeled as Assertion (A) and the other as Reason (R): Assertion (A): Rise in aggregate demand and aggregate supply of goods and services raises national income. Reason (R): National income represents the value of aggregate production in monetary terms. In the light of the above statements, choose the correct option:

Gross Domestic Product (GDP) is best defined as the total value of: