Understanding Minimum Wage Misconceptions

What is the main purpose of the video by Jacob Clifford?

• To discuss the history of minimum wage

• To clarify misconceptions about minimum wage

• To promote increasing the minimum wage

• To compare minimum wage laws in different countries

What percentage of hourly workers earn the federal minimum wage according to the Bureau of Labor Statistics?

• 25%

• 10%

• 4.3%

• 50%

Which demographic makes up the majority of minimum wage earners?

• Immigrants

• Full-time workers over 30

• White individuals aged 16 to 24

• Minorities living in poverty

Do all US states have the same minimum wage?

• No, all states have their own minimum wage laws

• Yes, but some cities have different rates

• No, most states have higher minimum wages

• Yes, they all follow the federal minimum wage

How has the federal minimum wage changed when adjusted for inflation?

• It has doubled

• It has decreased

• It has remained relatively stable

• It has significantly increased

What is the general consensus among economists regarding the minimum wage?

• Economists have no opinion on the issue

• Economists are evenly split on the issue

• Most economists oppose increasing it

• Most economists support increasing it

What is one argument against increasing the minimum wage?

• It leads to inflation

• It reduces the quality of goods

• It benefits only the rich

• It may prevent unskilled workers from gaining employment

What does recent research suggest about the impact of minimum wage increases on unemployment?

• It causes massive unemployment

• It has little to no effect on unemployment

• It significantly boosts employment

• It only affects part-time jobs

What is the potential effect of raising the minimum wage to $10.10 according to the Congressional Budget Office?

• It would create 1 million new jobs

• It would have no effect on poverty

• It could lift 900,000 people out of poverty but cost 500,000 jobs

• It could eliminate poverty entirely

What is a key takeaway regarding solutions to poverty and income inequality?

• Education has no impact on poverty

• Income inequality cannot be addressed

• Raising the minimum wage is the only solution

• There are no solutions, only trade-offs