(Q003) The difference between a parameter and an exogenous variable is that Group of answer choices a parameter is allowed to change over time, while an exogenous variable is fixed over time. a parameter is an outcome of the model, while an exogenous variable is an input to the model. a parameter is an input to the model, while an exogenous variable is an output of the model. a parameter is fixed over time, while an exogenous variable is allowed to change over time.

a parameter is fixed over time, while an exogenous variable is allowed to change over time.

Explanation:

A parameter can be defined as a value that can be passed to a function. Thus, a parameter refers to a value that must be passed into a function, subroutine or procedure when it is called.

This value can be passed to a function either by reference or by value.

Basically, parameters can serve as a model for a function; when used as an input, such as for passing a value to a function and when used as an output, such as for retrieving a value from the same function.

A variable can be defined as a placeholder or container for holding a piece of information that can be modified or edited. Thus, a variable stores information which is passed from the location of the method call directly to the method that is called by the program.

An exogenous variable can be defined as a that's independent of other variables in a system i.e it's not affected by other variables.

This ultimately implies that, the difference between a parameter and an exogenous variable is that a parameter is fixed over time, while an exogenous variable is allowed to change over time and as such it has a relationship with other variables in a system.