Neco 2024 Economics Question 41
Practice objective / multiple choice question 41 from the 2024 Neco Economics examination.
The government's total national income is ₦2000 billion. An income‑tax exemption of ₦200 billion means only the remaining income is taxable. The government's total spending is ₦1500 billion and it runs a budget deficit of ₦200 billion. Assuming a single proportional tax rate \(t\) on the taxable income, determine the tax rate \(t\) (as a decimal).
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About This Question
This is Neco 2024 Economics Question 41. It is one of the objective questions from the 2024 Neco Economics examination.
Difficulty level: Medium .
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