Using the course reading "The Federal Reserve's Answer to Inflation Is Class War" by Hadas Their, answer the following questions. The assignment is designed to help you dig into the reading -- all of the answers are available in the text. Answers should be no longer than one sentence, and some may be as short as one word.

You will find the answers in chronological order in the text, which is linked below:

https://inthesetimes.com/article/federal-reserve-workers-pay-biden-inflation-corporations-profits-wages

1. How much did the average US commute cost in 2022?

2. What three costs hit workers the hardest in terms of rising prices?

3. Many people in the media try to blame workers' wages for inflation, but wages have grown how fast compared to prices?

4. How much of their money do lower-income families spend on basic necessities?

5. Joe Biden's 'laser-focus' strategy for dealing with inflation uses what tactic to cool the economy?

6. The 0.75% hike in the US Federal Reserve interest rate in 2022 was the highest single jump in how many years?

7. The 500 wealthiest companies are raising prices much higher than the actual rate of inflation. How much higher?

8. Since the 1970s, the Federal Reserve has tried to maintain what it describes as a _____ rate of unemployment. (We will return to this strange concept later in the course!)

9. According to the article, what is the primary cause of higher oil prices (which then lead to higher prices throughout the economy)?

10. What is one solution to the high cost of oil proposed by Hadas Thier (the author) in the article?

Part 2 (5 marks)

This answer should be in 500 words.

The first part of the assignment was about finding information, this part is about comprehending it. Your answer to the question should show me that you understand the basic ideas of the reading and can synthesize it into a simple and clear summary. Use your own words, do *not* copy text into your answer and change the words using software to make it sound different.

11. Write a summary of the article, highlighting the most important aspects of what Thier is trying to teach you in this reading. Do not simply repeat the information from the first ten questions. Instead, explain the main argument(s) of the article in clear and simple language, as if you were explaining it to someone who needed to understand.