What is the Gross National Product (GNP)?

Gross National Product (GNP) is defined as the total value of all goods and services produced by the residents of a country during a specific period, typically a year. This includes the output generated by individuals and businesses that are located within the country, regardless of whether the production occurs domestically or abroad, as long as the producers are residents of the country.

GNP takes into account the economic activities of residents, which can include things like the income generated by citizens working overseas or profits made by domestic companies operating in foreign markets. This is why the focus is on residents rather than the geographical boundaries of the country's economy.

Other choices do not accurately define GNP. The first option refers to trade but does not account for the overall economic production aspect. The third option mentions happiness, which is unrelated to economic measurements such as GNP. The last option is about labor force assessment, which pertains to employment statistics rather than production value. Thus, recognizing GNP as the total value of goods and services produced by residents helps to understand its role in measuring a nation's economic performance.