Question: One constraint in our economy is time. As a society, we make choices about 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 at least once:
Opportunity Cost
Marginal decision making
Diminishing returns.