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If Michelle Can Buy a Woolen Jacket for 40 Yuan

question 50

True/False

If Michelle can buy a woolen jacket for 40 Yuan in China, and Rebecca pays $40 for the same jacket in the U.S. , it implies the exchange rate between these two nations is 10 Yuan = $1.


Definitions:

Attitude

An inclination within the psyche to judge an observed entity with a level of preference or aversion.

Decisive Personality

A characteristic trait of individuals who can make choices quickly and confidently, often showing firmness and determination in their actions.

Cognitive Dissonance

A psychological concept referring to the mental discomfort experienced by a person who holds contradictory beliefs, ideas, or values.

Leon Festinger

An American social psychologist renowned for developing the theory of cognitive dissonance, which describes the psychological discomfort resulting from holding contradictory beliefs or attitudes.

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