VCE Economics Past Exam Questions
Browse VCE Economics exam questions from 2015–2025, including VCE papers. Filter by topic, year and paper; open the original source.
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Section B, Question 1
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Estimated difficulty · Medium
Question 1 (19 marks) 0 –1 –2 1 2 3 4 5 6 7 percentage change (%) June 2017 2018 2019 2020 2021 2022 All groups Consumer Price Index (CPI) annual movement (%) Source: Australian Bu
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Report-based difficulty · EasyAverage marks: 90% of available · official reportFull marks: 82% of students · official report
a. With reference to the graph above, describe the trend in Australia’s inflation rate since June 2020. 2 marks Instructions for Section B Answer all questions in the spaces provid
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Report-based difficulty · MediumAverage marks: 60% of available · official reportFull marks: 26% of students · official report
b. Distinguish between demand inflation and cost inflation. 3 marks 2022 ECONOMICS EXAM 8 d o n o t w r i t e i n t h i s a r e a
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Report-based difficulty · MediumAverage marks: 62.5% of available · official reportFull marks: 29% of students · official report
c. Explain how one aggregate demand factor and one aggregate supply factor have influenced the inflation rate over the past 12 months. 4 marks Aggregate demand factor Aggregate sup
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Report-based difficulty · DifficultAverage marks: 35% of available · official reportFull marks: 15% of students · official report
d. Examine one economic consequence of a high inflation rate on the efficiency of resource allocation. 2 marks 9 2022 ECONOMICS EXAM d o n o t w r i t e i n t h i s a r e a TURN OV
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Report-based difficulty · MediumAverage marks: 65% of available · official reportFull marks: 31% of students · official report
e. Explain how movements in Australia’s inflation rate and the unemployment rate may have influenced the stance of monetary policy since January 2022. 4 marks 2022 ECONOMICS EXAM 1
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Report-based difficulty · MediumAverage marks: 47.5% of available · official reportFull marks: 25% of students · official report
f. Considering the exchange rate transmission mechanism, explain how the stance of monetary policy may have affected the achievement of one of the Australian Government’s domestic
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Report-based difficulty · MediumAverage marks: 50% of available · official reportFull marks: 31% of students · official report
a. Outline how the stance of budgetary policy might be determined. 2 marks 13 2022 ECONOMICS EXAM d o n o t w r i t e i n t h i s a r e a TURN OVER
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Report-based difficulty · MediumAverage marks: 50% of available · official reportFull marks: 21% of students · official report
b. Explain how automatic stabilisers have affected the Australian Government’s budget outcome for 2021–22. 4 marks 2022 ECONOMICS EXAM 14 d o n o t w r i t e i n t h i s a r e a
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Report-based difficulty · MediumAverage marks: 50% of available · official reportFull marks: 20% of students · official report
c. Explain how a change to one structural component of the 2022–23 Budget may influence aggregate demand and the achievement of the domestic macroeconomic goal of strong and sustai
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Report-based difficulty · MediumAverage marks: 47.5% of available · official reportFull marks: 18% of students · official report
d. Evaluate the use of budgetary policy in achieving the Australian Government’s goal of full employment. 4 marks 2022 ECONOMICS EXAM 16 d o n o t w r i t e i n t h i s a r e a
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Report-based difficulty · MediumAverage marks: 58.3% of available · official reportFull marks: 13% of students · official report
a. Explain how productivity growth may affect the achievement of the Australian Government’s domestic macroeconomic goal of strong and sustainable economic growth and living standa
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