for part (a), is it just about X-M, as well as the anti-thesis
like M-L does not hold?
or is there a need to bring in net factor income as well?
BOP is summary statement of money value of economic transactions
of residents and rest of world. Current account is trade in googds
and services/income flow/unilatteral transfer of money
Current account might worsen if ML condition hold and antithesis
could be ML does not hold (state condition) and where export might
use much imported inputs.
net factor income is a possible factor, but i do not think they
require it