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Understanding Minimum Wage Quiz

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1. What is the primary purpose of a minimum wage?

2. How does a minimum wage potentially impact employment?

3. Which economic theory argues against the implementation of minimum wage laws?

4. In what year was the first federal minimum wage law enacted in the United States?

5. What is one potential positive effect of raising the minimum wage?

6. Which of the following is a criticism of minimum wage laws?

7. How does a 'living wage' differ from a 'minimum wage'?

8. Which of the following is a common method used to adjust the minimum wage over time?

9. What is the economic term for the wage floor set by legal minimum wage laws?

10. Which of the following is a potential negative effect of a high minimum wage?