Arguments for Raising the Minimum Wage
One of the main arguments for raising the minimum wage is that it helps workers afford these basic necessities.
A. Entertainment, travel, and clothing
B. Housing, food, and healthcare
C. Education, savings, and luxury goods
D. Cars, insurance, and vacations
What are housing, food, and healthcare?
This is the lowest hourly pay that employers are legally required to pay their workers under federal law.
What is the minimum wage?
Opponents argue that raising the minimum wage can increase this, making goods and services more expensive.
A. Inflation
B. Unemployment
C. Productivity
D. Consumer demand
Advocates argue that increasing the minimum wage could reduce this, which affected 11.1% of Americans in 2023.
A. Unemployment
B. Inflation
C. Poverty
D. The stock market
What is poverty?
The current federal minimum wage in the U.S. is set at this amount per hour.
A. $7.25
B. $10.10
C. $12.50
D. $15.00
What is $7.25?
To cut costs, some businesses may replace workers with machines, a process known as this.
A. Globalization
B. Automation
C. Outsourcing
D. Downsizing
What is automation?
Raising the minimum wage to $15 an hour would lift approximately this many people out of poverty, including 1.3 million children.
A. 1.5 million
B. 2.8 million
C. 3.7 million
D. 5 million
What is 3.7 million?
All U.S. states have their own minimum wage laws. True or False.
A. True
B. False
What is false?
Instead of paying higher wages, some companies relocate jobs to other countries with lower labor costs, a practice known as this.
A. Automation
B. Outsourcing
C. Unionization
D. Downsizing
What is outsourcing?
According to the Economic Policy Institute, raising the federal minimum wage from $7.25 to $10.10 an hour would inject this much net money into the economy over a three-year period.
a. 22.1 billion b. 20 billion c. 3 million d. 21.5 billion
What is $22.1 billion?
This economic factor causes the cost of goods and services to rise over time, making fixed minimum wage rates outdated.
A. Deflation
B. Stagnation
C. Inflation
D. Recession
What is inflation?
When businesses face higher labor costs but cannot afford to hire as many workers, this rate increases.
A. Inflation rate
B. Employment rate
C. Unemployment rate
D. Interest rate
The concept that increasing wages leads to higher spending, which in turn boosts business demand and economic growth, is called this.
A. The trickle-down effect
B. The supply-and-demand principle
C. The multiplier effect
D. The wage-growth cycle
What is the multiplier effect?
These three states have minimum wages lower than the federal rate.
A. Georgia, Arkansas, and Mississippi
B. Georgia, Oklahoma, and Wyoming
C. Texas, Louisiana, and Kentucky
D. North Dakota, Nebraska, and West Virginia
What is Georgia, Oklahoma, Wyoming?
According to a survey, this percentage of employers said they would decrease their number of employees if the minimum wage rose.
A. 10%
B. 25%
C. 58%
D. 75%
What is 58%?