Which of the following is not an example of fiscal policy?

The Federal Reserve cuts interest rates to stimulate the economy in a recession.

The government increases spending on infrastructure development.

Congress passes new legislation, cutting the corporate income tax.

During an economic expansion, the state of New York collects higher payroll taxes.

Which of the following is not an example of fiscal policy?

The Federal Reserve cuts interest rates to stimulate the economy in a recession.

The government increases spending on infrastructure development.

Congress passes new legislation, cutting the corporate income tax.

During an economic expansion, the state of New York collects higher payroll taxes.