WAEC Commerce 2019 Objective — Question 11
Question 11 of 50 from the West African Examinations Council (WAEC) Commerce 2019 Objective paper, with the correct answer and a full explanation.
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The term 'Fiduciary issue' means
- A. money issued without gold backingCorrect
- B. money issue with gold backing
- C. money issued as currency note
- D. gold reserve
Explanation
Fiduciary issue is an issue of banknotes not backed by gold; the value relies entirely on the reputation of the issuing bank.
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