Under the gold standard, all except one of the following are true. Which is not true?

a. Paper currency was convertible into gold at a fixed rate.
b. A balance-of-payments deficit would result in a loss of gold.
c. A balance-of-payments surplus would result in an inflow in gold.
d. The money supply of any country was largely determined by flows of gold.
e. A surplus country experienced a rise in its money supply and a drop in its price level.

E