When Harry Returned from a Business Meeting in Ho Chi

question 93

Multiple Choice

When Harry returned from a business meeting in Ho Chi Minh City, Vietnam, his wife asked him what he thought of the Vietnamese people. Harry replied, "They're primitive people who eat animals from the streets, drive wildly around town on motor scooters, and talk very fast." Harry's reply best qualifies as an example of ________.

• A) ethnocentrism
• B) cultural diffusion
• C) the self-fulfilling prophecy
• D) the relativist fallacy

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Definitions:

Revealed Preference

An economic theory stating that the preferences of consumers can be understood by their purchasing habits.

Prices

The monetary value assigned to goods and services in a market, dictating the exchange rate at which these can be traded.

Laspeyres Price Index

An index that measures the relative change in the price level of a fixed basket of goods and services over time, using the quantities purchased in the base period.

Paasche Price Index

An economic measure that calculates the change in the cost of acquiring a given basket of goods and services in the current year compared to a base year, using the current year's prices.