Understanding the Impact of Raising the Minimum Wage

What is the estimated average increase in income for families below the poverty line if the minimum wage is raised to $15 per hour?

• $2,000

• $589

• $5,000

• $1,000

Which of the following is NOT typically included in official poverty statistics?

• Food stamps

• Reported cash income

• Medicare benefits

• Charitable donations

What is one potential consequence of raising the minimum wage according to the CBO?

• Increase in job opportunities

• Decrease in consumer prices

• Destruction of 1.4 million jobs

• Reduction in national debt

How might raising the minimum wage affect young, less-educated workers?

• Increase their employment opportunities

• Have no impact on their job prospects

• Disproportionately reduce their employment

• Provide them with more skills

What is a potential impact on the economy if the minimum wage is increased?

• Stabilization of consumer prices

• Slight reduction in the overall economy's health

• Decrease in inflation

• Increase in real GDP