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

fiat money.
fiat money.

unit of account.
unit of account.

store of value.
store of value.

medium of exchange.

Answer 1

In this case, gold is functioning as a medium of exchange. A medium of exchange is an instrument or tool that is widely accepted in transactions for goods and services.