U.S. capital account surpluses are related to I. government deficits. II. high money supply growth. III. increases in the trade gap.

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Capital account surpluses refer to the difference between the inflow and outflow of foreign investments. These inflows can occur due to various reasons, including government deficits that attract foreign investment and increase the country's borrowing, and increases in the trade gap that means more foreign investment is required to finance the domestic deficit. However, high money supply growth is more likely to lead to higher inflation and depreciation of the currency, which may discourage foreign investment and lead to a capital account deficit. Therefore, only options I and III are related to capital account surpluses.

US Capital Account Surpluses Are Related to I