Question

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.

Answer 1

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

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

Step-by-step 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:

1. serve as a medium of exchange
2. serve as a unit of account
3. serve as a store of value
4. serve as a standard of deferred payment