Gross national product is the
A) market value of final goods and services produced in a country.
B) market value of final goods and services produced by factors of production owned by the residents of a country.
C) market value of intermediate goods and services produced in a country.
D) market value of intermediate goods and services produced by factors of production owned by the residents of a country.
E) cost of final goods and services produced by factors of production owned by the residents of a country.

Question

Quizplus · Accepted Answer

Gross national product (GNP) is the market value of final goods and services produced by factors of production owned by the residents of a country. It includes the production of domestically owned firms and production by nationals or citizens abroad, but it does not include foreign-owned firms within the country. Choice A refers to gross domestic product (GDP) rather than GNP. Choice C and D refer to intermediate goods and services, which are not included in GNP. Choice E is not an accurate description of GNP.

Gross National Product Is the