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

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)
Responses

store of value.
store of value.

medium of exchange.
medium of exchange.

fiat money.
fiat money.

unit of account.

GPT-4o mini · Answer

In this case, gold is functioning as a **medium of exchange**. A medium of exchange is something that is widely accepted as payment for goods and services.