Final answer:
A U.S. $5 bill meets the economic definition of money as a medium of exchange, unit of account, and store of wealth. Baseball cards, cigarettes in prison, and a famous piece of artwork do not meet the economic definition of money. Gold can meet the economic definition of money to some extent.
Step-by-step explanation:
A U.S. $5 bill meets the economic definition of money. It is widely accepted as a medium of exchange, used for transactions. It is also a unit of account as it has a specific value attributed to it. Furthermore, it can act as a store of wealth as it can be saved and used for future purchases.
Baseball cards, cigarettes in prison, and a famous piece of artwork do not meet the economic definition of money.
They are not widely accepted as a medium of exchange and do not have a specific value attributed to them that can be widely agreed upon.
While they may hold value to certain individuals, they are not universally recognized as a means of exchange.
Gold can meet the economic definition of money to some extent. Gold has historically been used as a medium of exchange and a store of value.
However, it is not as widely accepted as currency and its value can fluctuate significantly based on market conditions.