Economics 3D - Semester Sick Test_Final_Memo(1).docx -...

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UNIVERSITY OF JOHANNESBURGDEPARTMENT OF ECONOMICS AND ECONOMETRICSECONOMICS 3D: PUBLIC ECONOMICSECO3DB3/EKN3D01Semester Sick Test: 14 October 2015EXAMINERS: DR J DIKGANG AND MR J MAHABIRDuration: 2 HOURSTOTAL MARKS: 100_____________________________________________________________________Instructions:Number of pages: 2The paper consists of five (5)questions. Each question carries 25 marks.Answer FOURquestions ONLYQuestion 1a) Differentiate between the following concepts: gross, net, and taxable income; nominal and real income; accrued and realized income; average tax rate and marginal tax rate; tax exclusions, tax deductions, and tax credits. [12 marks]
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