[Solved] An option that does NOT identifiably hedge an underlying asset is a A)put option. B)call option. C)naked option. D)futures option. E)credit spread call option. Elite Democrats: Refers to the segment of the Democratic Party that is considered to be part of the political elite, often representing higher socio-economic status and influence. Federal Bureaucracy: A system of agencies and departments that constitute the executive arm of the federal government, responsible for implementing and administering federal laws and policies. Civil Servants: Employees of the government who are hired to implement public policy, administer government services, and support elected officials. Bureaucratic Autonomy: The degree to which government agencies and departments can operate independently of political leaders or outside interests, often to maintain impartial and effective administration.