Racial slur for Indian people because when they affirm what is being said they bobble their head from side to side. In American culture, this behavior looks similar to someone shaking their head to denote "no", so there can be some confusion as the Indian head shaking actually is a positive affirmation in their own culture.
When I asked the bobblehead cashier at 7-11 if they sold slurpees, he shook his head which meant "yes."
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