Which of the following is NOT backed by gold but by government securites?

Commerce

JAMB 2016

A. Fiduciary note
B. Token money
C. Commodity money
D. Fiat money

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Correct Answer: Option A

Explanation

Fiduciary note. This term refers to that portion of anote issue, whether that of a Government or of a bank, which is not protected by a specific backing of metal or coin or assets capable of being converted into coin or bullion on demand.

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Which of the following is NOT backed by gold but by government securites?

Correct Answer: Option A

Explanation

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