Q: Fill in the blank: 3 is the ________ of $2. Do not choose the word 'value', for it may be confused with 42.

Nothing. On the other hand, \$3 is the value of $2 and, IMHO, talking about it as anything other than "the value of $2 is a reference to $3" is confusing.

As for the 42 argument, I would say that $2 may evaluate to 42 but the value is still \$3.