Question 1
The diagram shows a hypothetical market for wheat. A drought shifts supply from S1 to S2, while demand D does not change. Which describes the change in the market?
VCE Economics, Units 3 and 4.
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Five areas, one examination
Built for VCE Economics Units 3 and 4 on the study design accredited from 2023: all five areas of study, from the market system to aggregate supply policies, for the end-of-year examination. Not built for Units 1 and 2 or for School-assessed Coursework.
Unit 3, Area of Study 1
The market system, resource allocation and government intervention
- Scarcity, the PPF and efficiency
- Demand, supply and market equilibrium
- Price elasticity of demand and supply
- Market failure and government intervention
Unit 3, Area of Study 2
Domestic macroeconomic goals
- Living standards, the circular flow, aggregate demand and aggregate supply
- Strong and sustainable growth and full employment
- Low and stable inflation
Unit 3, Area of Study 3
Australia and the international economy
- Trade, the balance of payments and foreign liabilities
- The exchange rate, the terms of trade and competitiveness
Unit 4, Area of Study 1
Aggregate demand policies and domestic economic stability
- Monetary policy
- Budgetary policy
Unit 4, Area of Study 2
Aggregate supply policies
- Aggregate supply policies
| Section | What it asks | Marks |
|---|---|---|
| Section A | 15 multiple-choice questions, 1 mark each. | 15 marks |
| Section B | Short-answer and extended-answer questions, some in several parts and some on stimulus material such as graphs and tables. | 65 marks |
15 minutes reading, 2 hours writing, 80 marks, 50% of the study score.
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