In the scenario described, gold is functioning as a medium of exchange. This is because people are willing to accept it as payment for goods and services, which is one of the key characteristics of money.
Properties of Money Quick Check
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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
medium of exchange.
medium of exchange.
unit of account.
unit of account.
store of value.
store of value.
fiat money.
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