Neco Model Questions Vol1 2022 Geography Question 20
Practice objective / multiple choice question 20 from the 2022 Neco Model Questions Vol1 Geography examination.
An agricultural enterprise cultivates maize on 5 ha and cassava on 3 ha.\n\n- Maize yield: \(2.8\) t ha\(^{-1}\); market price: ₦\(150\) per kg; variable cost: ₦\(30{,}000\) per ha.\n- Cassava yield: \(15\) t ha\(^{-1}\); market price: ₦\(45\) per kg; variable cost: ₦\(25{,}000\) per ha.\n- Fixed costs for the whole farm: ₦\(20{,}000\).\n\nA government subsidy of 10 % is paid on the amount by which total gross revenue exceeds ₦\(2{,}000{,}000\).\n\nProfit after costs and subsidy is taxed at 15 % if it exceeds ₦\(500{,}000\); otherwise the tax rate is 10 %.\n\nCalculate the net farm income (in Naira) after applying the subsidy and tax.
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This is Neco Model Questions Vol1 2022 Geography Question 20. It is one of the objective questions from the 2022 Neco Model Questions Vol1 Geography examination.
Difficulty level: Hard .
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