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

unit of account.
unit of account.

medium of exchange.
medium of exchange.

store of value.
store of value.

fiat money.

GPT-4o mini · Answer

In this case, gold is functioning as a **medium of exchange**. A medium of exchange is an item that is widely accepted in exchange for goods and services, which is a role that gold has historically played.