One constraint in our economy is time. As a society, we make choices about the allocation of
Question:
One constraint in our economy is time. As a society, we make choices about the allocation of time between work and other pursuits. In the US, most workers are eligible for overtime pay if they work more than 40 hours a week, whereas most European workers become eligible at 35 hours per week. In addition, workers in Europe have guaranteed vacation time-- five weeks in France-- a benefit not available in the US. As a result the typical US worker puts in about 2000 hours per year compared to 1700 hours per year in France and Germany.
Should US laws be changed to require a shorter work week and longer vacation time? For each side of the question list at least two strong arguments. Use the following concepts;
1. Opportunity cost,
2. Marginal decision making
3. Diminishing returns
Expert Answer:
As indicated in this Week learning materials opportunity cost basically refers to the value of the nexthighestvalued alternative utilizationuse of a g... View the full answer
