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In terms of economics, the total value of the output (goods and services) produced and income received in a year by a domestic resident of a country put together is called
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- Net National Product
- Gross National Product
- Gross National Income
- National income
Correct Option: B
GNP is the total value of all final goods and services produced within a country in a particular year, plus income earned by its citizens (including income of those located abroad), minus income of non-residents located abroad), minus income of non-residents located in that country. GNP measures the value of goods and services that the country's citizens produced regardless of their location.
