WACE Economics past exams 2020–2025, by year and topic

The rest of the syllabus

Question-level mapping for these areas is still being verified. Every official paper covering them is in the year table above.

• Unit 3 — International trade — Australia's global linkages, openness and trade patterns
• Unit 3 — Comparative advantage — Absolute advantage, comparative advantage and opportunity-cost calculations
• Unit 3 — Gains from trade — Specialisation, gains from trade, PPF and demand/supply models
• Unit 3 — Trade policy — Trade liberalisation and free-trade agreements
• Unit 3 — Protection — Tariffs: price, quantities, revenue, surplus and deadweight loss · Subsidies, quotas and arguments for protection
• Unit 3 — Balance of payments — Balance-of-payments structure and double-entry recording · Current-account drivers and the saving-investment gap
• Unit 3 — Terms of trade — Terms of trade: calculation, causes, trends and effects
• Unit 3 — Exchange rates — Exchange rates and TWI: market determination, movements and effects
• Unit 3 — Foreign investment — Foreign direct and portfolio investment, flows, stocks and the international investment position
• Unit 3 — Economic skills — Unit 3 data analysis, model construction and extended-response synthesis
• Unit 4 — Business cycle — Business cycle phases, turning points, indicators and recent Australian performance
• Unit 4 — Aggregate expenditure — Consumption function, MPC, MPS and multiplier calculations · AE equilibrium, inventories and expenditure shocks
• Unit 4 — AD–AS — AD, SRAS and LRAS equilibrium, demand and supply shocks and the business cycle
• Unit 4 — Fiscal policy — Fiscal objectives, budget outcomes, automatic stabilisers, discretion and debt finance
• Unit 4 — Monetary policy — Monetary policy, the cash rate, tools and transmission channels
• Unit 4 — Policy evaluation — Policy strengths, weaknesses, lags, policy mix and current Australian evidence
• Unit 4 — Productivity — Labour productivity, capital, technology, APF and long-run growth