Consider the following statements with respect to Gross National Product (GNP) :
1. It is the total value of all finished goods and services produced by a country’s resident citizens only, in a given financial year.
2. GNP does not include foreign residents’ income earned within the country.
Which of the statements given above is/are correct?
1
1 only
2
2 only
3
Both 1 and 2
4
Neither 1 nor 2