what is GDP GNP trade deficit current acc deficit balance of payments?

Answer 1

GDP = Gross Domestic Product, the sum total of what a country produces (by value).

GNP = GDP + net income from abroad (which is mostly two things: when the people and businesses of a country have invested overseas and repatriate dividends; and when people from a country work abroad and send or take remittances to their families).

Trade balance = exports minus imports of goods. Trade deficit is when imports are larger.

balance of payments on current account = exports minus imports of goods AND services and investment income (dividends and interest). Deficit is of course a minus balance of these transactions.

Answer 2

I am very tempted to provide an explanation. However, these questions smell too much like homework or take-home exams. You will enjoy it better if you refer to the text books rather than getting canned answers from experts.