Indicate Whether Each of the Items Listed Below Would Be

question 128

Multiple Choice

Indicate whether each of the items listed below would be (a) included in gross income or (b) excluded from gross income for the 2019 tax year.
-Reimbursement of hospital expenses from a health insurance plan

• A)Included
• B)Excluded

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Definitions:

Substitution

The act of replacing one good or service with another due to changes in price or preference.

Price Ratio

The relative price of one good or service in comparison to another, often used in economic analysis and decision-making.

Indifference Curve

A graph that shows combinations of two goods between which a consumer is indifferent, reflecting equal levels of utility for the consumer.

Total Utility

The total satisfaction or benefit received by consuming a given total amount of a good or service.