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 3
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Estimated difficulty · Medium
Question 3 (13 marks) 1In the period 1961–2017, the average annual growth rate of total food fish consumption increased at 3.1 percent, outpacing annual population growth rate (1.6
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Report-based difficulty · EasyAverage marks: 80% of available · official reportFull marks: 72% of students · official report
a. Outline one demand factor or one supply factor that might explain the increase in total fish consumption over the stated period. 2 marks 17 2021 ECONOMICS EXAM d o n o t w r i t
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Report-based difficulty · MediumAverage marks: 63.3% of available · official reportFull marks: 33% of students · official report
b. With reference to the quotes provided on page 16 and to the characteristics of common access resources, explain why there may be an inefficient allocation of resources in the fi
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Report-based difficulty · MediumAverage marks: 60% of available · official reportFull marks: 32% of students · official report
c. Explain one example of government intervention that could be utilised to reduce the degree of market failure associated with common access resources. 3 marks
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Report-based difficulty · EasyAverage marks: 70% of available · official reportFull marks: 57% of students · official report
d. With reference to one example, explain how the consumption of a good or service may be associated with positive externalities. 2 marks 19 2021 ECONOMICS EXAM d o n o t w r i t e
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Report-based difficulty · MediumAverage marks: 46.7% of available · official reportFull marks: 30% of students · official report
e. Explain one factor that would affect the price elasticity of supply of fish. 3 marks 2021 ECONOMICS EXAM 20 d o n o t w r i t e i n t h i s a r e a
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Estimated difficulty · Medium
Question 4 (11 marks) % 3 0 –3 –6 –9 2011 2016 2021 trade balance Key current account balance Australia’s current account balance per cent of nominal GDP Source: adapted from ABS;
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Report-based difficulty · EasyAverage marks: 85% of available · official reportFull marks: 73% of students · official report
a. With reference to the graph above, explain the trend in the current account balance over the past two years. 2 marks 21 2021 ECONOMICS EXAM d o n o t w r i t e i n t h i s a r e
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Report-based difficulty · MediumAverage marks: 50% of available · official reportFull marks: 40% of students · official report
b. Explain how the current account balance over the past two years would have affected the balance on the capital and financial account. 2 marks 2021 ECONOMICS EXAM 22 d o n o t w
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Report-based difficulty · MediumAverage marks: 55% of available · official reportFull marks: 26% of students · official report
c. With reference to the graph on page 20, explain how the performance in the trade balance over the past two years might have affected both: • the achievement of the goal of stron
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Report-based difficulty · DifficultAverage marks: 33.3% of available · official reportFull marks: 19% of students · official report
d. Explain how a change in one structural factor might result in improvement in the current account balance. 3 marks 2021 ECONOMICS EXAM 24 d o n o t w r i t e i n t h i s a r e a
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Estimated difficulty · Easy
Question 1 Which one of the following actions are economists most likely to consider as investment expenditure? A. an individual buying shares B. a supermarket installing self-serv
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