GCE Economics 2025 Objective — Question 16
Question 16 of 60 from the General Certificate of Education (GCE) Economics 2025 Objective paper, with the correct answer and a full explanation.
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The type of money that is not backed by gold is
- A. bank notes
- B. commodity money
- C. fiat moneyCorrect
Explanation
Fiat money derives its value from a government decree rather than being backed by physical commodities like gold.
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