Post Utme Achievers University 2024 Economics Question 31
Practice objective / multiple choice question 31 from the 2024 Post Utme Achievers University Economics examination.
The government of a country has decided to implement a new tax policy to reduce income inequality. The policy involves a progressive tax system where the tax rate increases as the income level increases. However, the tax rate is not uniform across all income levels. The tax rate for income levels below ₦100,000 is 10%, for income levels between ₦100,000 and ₦500,000 is 20%, and for income levels above ₦500,000 is 30%. If a person has an income of ₦750,000, what is the total tax paid?
Answer Options
About This Question
This is Post Utme Achievers University 2024 Economics Question 31. It is one of the objective questions from the 2024 Post Utme Achievers University Economics examination.
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.