1) The Solow model maintains a key assumption with respect to the production function. Without this assumption, the model economy does not converge to a steady state. What is this assumption?

2)In the Solow model presented in this section, when the economy is in the steady state, output per nominal labour grows at a constant rate. At what rate?

3)In the Solow model presented in this section, when the economy is in the steady state, the total output grows at a constant rate. At what rate?

4)Considering your answer to Q.2 above, for a given steady state, what is the key for raising the average standard of living?