Question : Which term is used in economics for the market value of all goods and services in one year by labour and properly supplied by the residents of the country?
Option 1: GDP
Option 2: GPN
Option 3: OMP
Option 4: GNP
Correct Answer: GNP
Solution : The correct option is GNP .
Gross National Product (GNP) is a measure of the total market value of all final goods and services produced by the residents and businesses of a country in a specific period, including both domestic and foreign production. GNP takes into account not only the production that occurs within a country's borders but also the production by its residents in foreign countries.
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