Waec Model Questions Vol1 2017 Economics Question 29
Practice objective / multiple choice question 29 from the 2017 Waec Model Questions Vol1 Economics examination.
Nigeria adopts a progressive income‑tax schedule: 10 % on the first N500 000 of income, 20 % on the next N500 000, and 30 % on income above N1 000 000. The taxpayer population is 1 000 000, distributed as follows: 40 % earn an average of N400 000, 35 % earn an average of N750 000 and 25 % earn an average of N1 500 000. The government raises the top marginal rate from 30 % to 35 %. Assuming the income distribution and averages remain unchanged, calculate the additional tax revenue generated by this change.
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About This Question
This is Waec Model Questions Vol1 2017 Economics Question 29. It is one of the objective questions from the 2017 Waec Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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