instruction:
In this task, you will be shown a prompt from a judicial decision and multiple holding statements derived from citations following text in a legal decision.  Holdings represent the governing legal rule when the law is applied to a particular set of facts. There are five answer choices for each citing text. The correct answer is the holding statement that corresponds to the citing text. The four incorrect answers are other holding statements. You should find the correct option. There is a <HOLDING> token in the position of the citing text prompt where the holding statement was extracted.
question:
of priorities for economic development” — were the centers of power in many areas of importance. Harry Scheiber, Federalism and the American Economic Order, 1789-1910, Law and Soc’y (Fall 1975) 57, 97. See generally id. at 86-100 (discussing diffusion of power and rnment’s contentions here ... would bid fair to convert congressional authority under the Commerce Clause to a general police power of the sort retained by the States.”); id. at 578, 115 S.Ct. 1624 (“[T]he federal balance is too essential a part qf our constitutional structure and plays too vital a role in securing freedom for us to admit inability to intervene when one or the other level of Government has tipped the scales too far.”); New York v. United States, 505 U.S. 144, 112 S.Ct. 2408, 120 L.Ed.2d 120 (1992) (<HOLDING>); id. at 178, 112 S.Ct. 2408 (“No matter how 
 Holding statements: (A) holding that despite 1985 amendments minimum jurisdictional amount remains 50000 (B) holding that the protect act amendments to the standard of review apply retroactively (C) holding that an unconstitutional policy may be inferred from an officials single decision or act (D) holding that an unconstitutional act of congress has no legal effect (E) holding unconstitutional taketitle provision of the lowlevel radioactive waste policy amendments act of 1985
answer:
(E)


question:
421 U.S. 723, 95 S.Ct. 1917, 44 L.Ed.2d 539 (1975), and is consistent with the holdings in Herman & MacLean v. Huddleston, 459 U.S. 375, 382, 103 S.Ct. 683, 687, 74 L.Ed.2d 548 (1983), and in Basic, Inc. v. Levinson, supra. Blue Chip Stamps held that a section 10(b) plaintiff must be a purchaser or seller of a security, and thus limited standing under the 1934 Act to “plaintiffs ... who have at least dealt in the security to which the prospectus, representation, or omission relates.” Id. 421 U.S. at 747, 95 S.Ct. at 1931. Put and call option trading on an underlying security is directly affected by the prospecti, representations and omissions of the issuer of the underlying security. See Deutschman, 841 F.2d at 506. Cf. Kirby v. Cullinet Software, Inc., 116 F.R.D. 303 (D.Mass.1987) (<HOLDING>). In Herman & MacLean v. Huddleston, 459 U.S. 
 Holding statements: (A) recognizing a narrow class of cases in which the termination of the class representatives claim for relief does not moot the claims of the class members (B) holding that class representatives cannot appear pro se (C) holding that sellers of covered calls are not atypical class representatives (D) holding that a class representatives ignorance of the case is not a bar to certification unless it impairs the representatives ability to vigorously prosecute the action (E) holding that it is error to certify class when named class representatives are not members of the class they purport to represent
answer:
(C)


question:
14 F.3d at 1500. We conclude that it does not. Courts have recognized that the act of reopening a closed bankruptcy case does not afford the parties any substantive relief. Woods, 173 F.3d at 777 (quoting DeVore v. Marshack (In re DeVore), 223 B.R. 193, 198 (9th Cir. BAP 1998), for the proposition that “[t]he reopening of a case is ‘merely a ministerial or mechanical act [that] ... has no independent legal significance and determines nothing with respect to the merits of the case.’ ”); see Cusano v. Klein, 264 F.3d 936, 948 (9th Cir.2001) (noting that order reopening closed case “ ‘lacks independent legal significance and determines nothing with respect to the merits of the case’ ”) (quoting Menk v. LaPaglia (In re Menk), 241 B.R. 896, 913 (9th Cir. BAP 1999)); Paine, 250 B.R. at 107 (<HOLDING>). Indeed, “ ‘[t]he effect of [11 U.S.C. § 
 Holding statements: (A) holding that department does not have independent authority to impose device in absence of court order (B) recognizing that an order reopening a closed case was simply a mechanical device that did not afford or deny the debtors any affirmative relief (C) holding that court lacked jurisdiction on appeal from injunction because the order was simply an interpretation of an earlier order (D) recognizing laches as an affirmative defense (E) recognizing that a defendant may not insist on representation by an attorney he cannot afford
answer:

(B)