income is redistributed when the rich are progressively taxed and?

Economics

WAEC 2018

A. more private schools are established
B. subsidy is provided on petroleum products
C. more public goods are provided
D. farmers are given guaranteed prices

WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709

Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts

Correct Answer: Option C

Explanation

Income Redistribution is an economic practice which is aimed at leveling the distribution of wealth or income in a society through a direct or indirect transfer of income from the rich to the poor. Economists or Governments adopt economic policies and strategies like progressive taxation to implement this phenomenon. the tax is used to build public infrastructure

Previous Next

Go back to Econs classroom

Report an Error Ask A Question Download App