Post Utme Babcock University 2020 Economics Question 39
Practice objective / multiple choice question 39 from the 2020 Post Utme Babcock 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 ₦700,000, what is the total tax amount they will pay?
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About This Question
This is Post Utme Babcock University 2020 Economics Question 39. It is one of the objective questions from the 2020 Post Utme Babcock University Economics examination.
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