TRUE/FALSE/ OR UNCERTAIN:

1. Based on the Solow growth model, different saving rates explain varying economic growth rates across countries we observe in the real economy.
2. A competitive equilibrium of the Solow growth model is achieved only when the economy reaches the steady state.
3. If the consumer's preferences satisfies the "more is better" assumption, the indifference curves representing her preferences are necessarily bowed in toward the origin.
4. In the Solow growth model, the aggregate output, Y , always grows at a constant rate.