Under the Gold Standard, All Except One of the Following

Multiple Choice

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.