THE TOTAL INCOME EARNED BY A NATION'S RESIDENTS IN THE PRODUCTION OF GOODS AND SERVICES IS a. national income b. gross national product c. gross domestic product d. net national product

The correct answer is b. gross national product. National Product (GNP) is the total income earned by a nation's residents in the production of goods and services. It includes the value of all final goods and services produced within a country during a specific period, plus the income earned by its residents from overseas investments, minus the income earned within the domestic economy by overseas residents. GNP provides a broader measure of a nation's economic performance than Gross Domestic Product (GDP), as it accounts for the income earned by the nation's residents both domestically and internationally.