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Which of the following statements is true?
Consumption Function
An economic formula representing the relationship between total consumption and gross national income, predicting consumer spending behavior.
Aggregate Income
The total income earned by all individuals within an economy, including wages, profits, and other earnings.
Consumption Function
A formula in economics showing how total consumption is related to the gross national income.
Aggregate Income
The total income earned by individuals and businesses in an economy over a specific period, before taxes.
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