Question

State True, False or Uncertain. Because it is no longer backed by the potential for conversion to gold, modern Canadian fiat currency is no longer able to serve as a form of money.

Answer 1

False. In spite of the impossibility to be backed by the potential for conversion to gold, modern Canadian fiat currency is longer able to serve as a form of money, because it can perform all the functions of money (can be used for buying and selling goods and services, s the common standard for measuring relative worth of goods and service etc.)