Take the following as truth: GDP is the output of goods and services produced by labor and property located in the United States, while GNP is the output of goods and services produced by labor and property supplied by U.S. residents, regardless of where they are located.
Then the following statement: "When goods and services are produced by labor and property within the US, that is known as GNP." is true, false, or inconclusive?
Answer: False