Gross national product is defined as
A)the value of final goods and services produced within the United States.
B)the value of final goods and services produced outside of the United States.
C)the value of final goods and services produced by residents of the United States even if the production takes place outside of the United States.
D)the value of final goods and services produced within the United States,by United States residents.

Question

Quizplus · Accepted Answer

Gross national product refers to the value of final goods and services produced by residents of a country, regardless of whether the production takes place within the boundaries of the country or outside its borders. Therefore, option C is the correct definition of gross national product. Option A refers to gross domestic product, which only includes goods and services produced within the domestic boundaries of a country. Option B is an incorrect definition, as it refers to the value of final goods and services produced outside of a country's borders. Option D is incorrect as it only considers goods and services produced within the United States, ignoring the production of U.S. residents abroad.

Gross National Product Is Defined as