Which of the following is NOT backed by gold but by government securites?
-
A.
Fiduciary note -
B.
Token money -
C.
Commodity money -
D.
Fiat money
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.