PART II: MULTIPLE CHOICE QUESTIONS. Answer the following multiple-choice questions. Arthur J. Rolnick and Warren E. Weber, in their article "Money, In- flation, and Output under Fiat and Commodity Standards," examine the behavior of money, inflation, and output under fiat and commodity standards to better understand how changes in monetary policy affect economic activity. Based on the above article, which of the following is a conclusion drawn by the authors? A. Growth rates of the various measures of money are more highly correlated with inflation under commodity standards than under fiat standards. B. Growth rates of the various measures of money are more highly correlated with inflation under fiat standards than under commodity standards. C. Under fiat standards, rates of money growth , inflation, and output growth are all higher than under commodity standards. D. Under commodity standards, rates of money growth , inflation, and output growth are all higher than under fiat standards. E. Only (B) and (C) of the above. 2- W. Max Corden, in his article "China's Exchange Rate Policy, its Cur- rent Account Surplus and the Global Imbalances," discusses the factors that determine China's current account surplus, the reasons behind China's increased surplus from 2005, and the international implications of China's surplus and growth. According to the author, what are the reasons behind the increased China's current account surplus since 2005? A. A combination of a rise in the excess of savings over investment and a decline in the growth rate of imports. B. Both an acceleration of the rate of growth of exports and a decline in the rate of growth of imports. C. An improvement in productivity in export and import-competing industries. D. The process of relocation to China (from Japan, Taiwan and Korea)