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Re:About the OS X Yosemite v10.10.4 Update by chaosphere2112 on Tuesday June 30, 2015 @12:35PM (#9806492)
Also buried in System Preferences -> Sound -> Output (or Input), along with some additional controls like balance and a preview of the input level.
Re:About the OS X Yosemite v10.10.4 Update by msutherl on Tuesday June 30, 2015 @01:26PM (#9806933)
/Applications/Utilities/Audio MIDI Setup.app