Gold has historically functioned as money. This is due, in part, to the willingness of others to accept it as valid payment for goods and services. In this case, gold is functioning as a(n)(1 point)

Question

Responses

medium of exchange.
medium of exchange.

store of value.
store of value.

unit of account.
unit of account.

fiat money.

Answer 1

In this case, gold is functioning as a medium of exchange. This is because it is accepted by others as valid payment for goods and services.