Neco 2023 Economics Question 3
Practice objective / multiple choice question 3 from the 2023 Neco Economics examination.
A progressive income tax is structured as follows: - 10 % on the first \(500{,}000\) naira of taxable income, - 20 % on the next \(500{,}000\) naira, - 30 % on any amount above \(1{,}000{,}000\) naira. The government wants to raise at least \(250{,}000\) naira in tax revenue from a single taxpayer. What is the minimum taxable income that will generate this revenue? Show all steps.
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About This Question
This is Neco 2023 Economics Question 3. It is one of the objective questions from the 2023 Neco Economics examination.
Difficulty level: Medium .
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