QUESTION 1 During a given year, the following activities occur: i. A silver mining company pays its workers $250,000 to mine 75 pounds of silver. The silver is then sold to a jewelry manufacturer for $315,000. ii. The jewelry manufacturer pays its workers $275,000 to make silver necklaces, which the manufacturer sells directly to consumers for $1,100,000. a. What is the value added ($) created by the jewelry manufacturer? b. What is the total profit ($) of both firms? c. What is GDP ($)? a. The value added ($) created by the jewelry manufacturer b. The total profit ($) of both firms c. GDP ($) 1. $575,000 II. $985,000 III. $565,000 IV. $1,100,000 V. $555,000 VI. $775,000 VII. $765,000 VIII. $785,000 IX. $1,415,000