One constraint in our economy is time. As a society, we make choices about the a

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 benent 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. Question: Should US laws be changed to require a shorter workweek and longer vacation time? Submit two reasons for yes the US laws should be changed and two reasons for no the US laws should not be changed. Use the following concepts from the chapter at least once: Production possibilities curve Economic growth Market mechanism Market failure

Explanation / Answer

Yes, because vacations will freshen up the workers and will increase the productivity of labor. Thus production possibility curve will shift outward. This increased production level will lead to increased economic growth.

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