Which country passed the ‘Inflation Reduction Act, 2022’?

A. Iran
B. USA
C. Sri Lanka
D. Venezuela

Answer

Correct Answer: B. USA


Detail About MCQs

The US government recently passed the Inflation Reduction Act, 2022, joining forces with its central bank in the fight to reduce inflation. The US Federal Reserve has increased policy rates by an unprecedented 225 basis points over the last four monetary policy meetings. The act aims to boost government revenues by around USD 737 billion and spend USD 437 billion during 2022-31. The savings are expected to translate into lower deficits.