Question: 2. (Measuring GDP.) During a given year, the following activities occur: i) A silver mining company pays its workers $200,000 to mine 75 kilograms of

2. (Measuring GDP.) During a given year, the following activities occur: i) A silver mining company pays its workers $200,000 to mine 75 kilograms of silver. The silver is then sold to a jewellery manufacturer for $300,000. ii) The jewellery manufacturer pays its workers $250,000 to make silver necklaces, which it sells di- rectly to consumers for $1,000,000. (a) Using the "production of final goods" approach, what is GDP in this economy? (b) What is the value added at each stage of production? Using the "value-added" approach, what is GDP? (c) What are the total wages and profits earned? Using the income approach, what is GDP

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