1. Value added by a firm is the market value of the firm's output minus the A. Total wages paid to its employees B. Value of inputs bought from other firms C. Profits that the firm's owners earn D. Total costs of all inputs used 2. A business buys $5,000 worth of inputs from other firms in order to produce a product. The business makes 100 units of the product and each of them sells for $65. The value added by the business to these products is: A. S5,000 B. $6,500 C. $1,500 D. $1,000