National income is defined as A. gross national product plus transfer payments. B. gross domestic product less retained earnings plus transfer payments. C. gross national product less retained earnings plus transfer payments. D. gross domestic product less the consumption of fixed capital.

The correct option is D) gross domestic product less the consumption of fixed capital.

Explanation:

National income can be described as the output of all the resources or products made by a country in a year. It is also known as Gross domestic Product (GDP). National income arises due to the various economic activities taking place in the country in a year and the value of all the products which are being made by these economical activities.