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More common in Canada than the U.S. is the "Fake Cake" option. It's usually a three tiered number that looks exactly like the real thing at a much lower price than the real McCoy. The top layer is often real cake but the bottom ones are made of iced cardboard or foam.
Your guests will be placated with a small boxed and wrapped piece of fruit cake provided by the baker or caterer at a very reasonable price.
But heck, if your really going to fake it, go whole hog...get some appropriately shaped styrofoam blocks from your local craft store and see if you have what it takes to master "Cake Decorating 101!"