John Told His Nephew, Steve, "If You Maintain My House

question 50

True/False

John told his nephew, Steve, "if you maintain my house when I cannot, I will leave the house to you when I die." Steve maintained the house and when John died, Steve inherited the house.The value of the residence can be excluded from Steve's gross income as an inheritance.

---

Definitions:

Good

An item or service that satisfies human wants and provides utility, which can be transferred from one person to another.

Demand Curve

An illustrative chart that demonstrates the link between a product's price and the amount of it consumers want to buy.

Maximum Price

A price cap, often set by regulators, beyond which a product or service cannot be sold to prevent exploitation or ensure affordability.

Additional Unit

An extra item or quantity added to an existing lot or production level.