The English economist William Stanley Jevons described a world tour during the 1880s by a French singer, Mademoiselle Zelie. One stop on the tour was a theater in the Society Islands, part of French Polynesia in the South Pacific. She performed for her usual fee, which was one-third of the receipts. This turned out to be three pigs, 23 turkeys, 44 chickens, 5000 coconuts, and "considerable quantities of bananas, lemons, and oranges." She estimated that all of this would have had a value in France of 4000 francs. According to Jevons, "as Mademoiselle could not consume any considerable portion of the receipts herself, it became necessary in the meantime to feed the pigs and poultry with the fruit."

1. No. The goods are only a medium of exchange and store of value.

2. No. The goods are not a medium of exchange.

3. No. The goods are not a store of value.

4. Yes. The goods fulfill all four functions of money.

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Business

Knight

27 November, 09:54

The English economist William Stanley Jevons described a world tour during the 1880s by a French singer, Mademoiselle Zelie. One stop on the tour was a theater in the Society Islands, part of French Polynesia in the South Pacific. She performed for her usual fee, which was one-third of the receipts. This turned out to be three pigs, 23 turkeys, 44 chickens, 5000 coconuts, and "considerable quantities of bananas, lemons, and oranges." She estimated that all of this would have had a value in France of 4000 francs. According to Jevons, "as Mademoiselle could not consume any considerable portion of the receipts herself, it became necessary in the meantime to feed the pigs and poultry with the fruit."

1. No. The goods are only a medium of exchange and store of value.

2. No. The goods are not a medium of exchange.

3. No. The goods are not a store of value.

4. Yes. The goods fulfill all four functions of money.

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Answers (1)

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Janessa Lam · Answer 1

2) No. The goods are not a medium of exchange.

3) No. The goods are not a store of value.

Explanation:

The goods that Mademoiselle Zelie received were not a medium of exchange and are not a means for storing value. Maybe they could qualify as a medium of exchange for local residents, but not for Mademoiselle Zelie.

The four functions of money are:

serve as a medium of exchange serve as a unit of account serve as a store of value serve as a standard of deferred payment