Master the Solow-Swan Model and Long-Run Economic Growth

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Questions and Answers

Which economic model attempts to explain long-run economic growth by looking at capital accumulation, labor or population growth, and increases in productivity largely driven by technological progress?

  • The Cobb-Douglas model
  • The Frank Ramsey model
  • The Solow–Swan model (correct)
  • The Keynesian Harrod–Domar model

Who developed the Solow–Swan model?

  • Robert Solow (correct)
  • Trevor Swan
  • Frank Ramsey
  • John Maynard Keynes

What type of aggregate production function is often used in the Solow–Swan model?

  • Logarithmic
  • Exponential
  • Cobb-Douglas (correct)
  • Linear

What mathematical characteristics make the Solow–Swan model attractive for various extensions?

<p>Particularly attractive mathematical characteristics (C)</p> Signup and view all the answers

In what year was David Cass and Tjalling Koopmans' integration of Frank Ramsey's analysis of consumer optimization with the Solow–Swan model?

<p>1965 (B)</p> Signup and view all the answers

What are some examples of large language models?

<p>Some examples of large language models are ChatGPT and Google Bard.</p> Signup and view all the answers

How are large language models trained?

<p>Large language models are trained on huge amounts of data.</p> Signup and view all the answers

What is the purpose of training large language models?

<p>The purpose of training large language models is to enable them to perform various tasks such as web searches, creative writing, and knowledge retrieval.</p> Signup and view all the answers

What is the abbreviation LLMs stand for?

<p>LLMs stands for large language models.</p> Signup and view all the answers

What are some potential limitations of large language models?

<p>Some potential limitations of large language models include the lack of transparency regarding the data they are trained on and the need for caution in trusting their output.</p> Signup and view all the answers

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