Increased Demand for a Nation's Products Will Tend to Make

question 70

True/False

Increased demand for a nation's products will tend to make its currency stronger while driving down the price of foreign goods.

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Definitions:

Outgroup Homogeneity Bias

The sociopsychological phenomenon by which members of a group to which one does not belong seem more alike than do members of a group to which one does belong.

In-Group Favoritism Bias

The tendency for individuals to give preferential treatment and express more positive attitudes towards members of their own group as opposed to those of out-groups.

Ethnocentric Error

The mistaken belief that one's own cultural or ethnic group is superior to others, often leading to judging other cultures solely by the values and standards of one's own.

Ethnocentrism

The belief in the inherent superiority of one's own ethnic group or culture, often accompanied by a general disdain for other cultures.