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Explain how real income is measured using a consumption survey and a price survey

Explain how real income is measured using a consumption survey and a price survey

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with the help of a consumption survey one can get to identify the overall consumption levels in the country in one particular year and using the consumption method one can get to find the nominal GDP of the country in an year. With the aid of price survey one can identify the relative price change levels from the base year and with the help of the bcl price levels in the current year price levels consumer price index can be calculated and dividing the consumer price index of this year with the nominal GDP and then multiply it to the base year's consumer price index we can get real GDP.

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