In 2003, Congress passed a substantial cut in income taxes. The Federal Reserve

ID: 1230358 • Letter: I

Question

In 2003, Congress passed a substantial cut in income taxes. The Federal Reserve also substantially lowered interest rates. How can these two actions be categorized?

A. Both actions can be categorized as monetary policy.

B. Both actions can be categorized as fiscal policy.

C. The tax cut can be categorized as monetary policy and the lowering of interest rates can be categorized as fiscal policy.

D. The tax cut can be categorized as fiscal policy and the lowering of interest rates can be categorized as monetary policy.

Explanation / Answer

The tax cut can be categorized as fiscal policy and the lowering of interest rates can be categorized as monetary policy.

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In 2003, Congress passed a substantial cut in income taxes. The Federal Reserve

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