Which of the following best describes social benefits?
a. The external benefits to other members of society, ignoring the private benefits to market participants.
b. The sum of external benefits and private benefits.
c. External benefits minus benefits.
d. Private benefits minus external benefits.
Question 2
The consumption function assumes that:
a. only disposable income affects consumption.
b. only the price level affects consumption.
c. many factors other than disposable income affect consumption, and each is allowed to vary along the consumption function.
d. factors other than disposable income affect consumption, but those are held constant along the consumption function.
e. only consumer expectations affect consumption.
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