Option D is correct as per the UPSC Prelims 2013 answer.

National income broadly represents the monetary value of final goods and services generated during a given period. Only final goods and services are considered to avoid double counting. In strict national-income accounting terminology, National Income is conventionally expressed as Net National Product (NNP) at Factor Cost. Thus, depreciation is deducted while moving from gross to net measures.

Option A is incorrect: The total value of goods and services produced by nationals corresponds more closely to Gross National Product (GNP). It does not account for depreciation and therefore cannot precisely represent National Income.

Option B is incorrect: Consumption and investment expenditure alone are incomplete because they exclude other components of aggregate expenditure.

Option C is incorrect: Personal income is distinct from National Income because of items such as undistributed corporate profits, corporate taxes and transfer payments.

Option D is correct: Among the options provided, the money value of final goods and services produced is the answer accepted by UPSC for this PYQ.