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WAEC Commerce 2014 Question 11

Question 11

Money

The term "fiduciary issue" means

  1. A.money issued without gold backing.
  2. B.money issued with gold backing.
  3. C.money issued as currency note.
  4. D.gold reserve.
Show the answer and explanation

Answer: A (money issued without gold backing.)

Explanation

Fiduciary issue is currency not backed by gold, issued on trust.