Assessment and exam practice.

Try this with Economics

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2. Start with one timed section or task and record where you spent the most time.
3. Review errors before attempting another section. Separate missing knowledge from timing problems.

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Practice paper focus areas

• Exam 1 — Microeconomics applied to housing: demand and supply, price elasticity, market failure and unintended consequences of intervention (Unit 3 AOS 1); Domestic macroeconomic goals and aggregate demand: full employment, economic growth, and the mortgage cash-flow squeeze on consumption (Unit 3 AOS 2); The international economy: exchange rate depreciation, the terms of trade and international competitiveness (Unit 3 AOS 3)
• Exam 2 — Microeconomics in grocery markets: demand-supply shifts, price elasticity, asymmetric information and government regulation (U3 AOS1); Domestic macroeconomic goals after the inflation episode: growth, low inflation, full employment and living standards (U3 AOS2); The external sector: depreciation of the AUD, terms of trade, and the inflation-competitiveness trade-off (U3 AOS3)
• Exam 3 — The RBA's 2022–25 inflation fight: cash rate moves, transmission channels, stance and effectiveness; AD–AS framework linking the three domestic macroeconomic goals and living standards; Micro foundations: demand and supply shifts, price elasticity, market failure and government intervention
• Exam 4 — Contemporary theme: labour shortages, skilled migration and a tight Australian labour market; Core frameworks: demand-supply, elasticity and AD-AS applied to stimulus data; Goal conflicts: unemployment below the NAIRU versus the 2-3% inflation target
• Exam 5 — Market failure, externalities and government intervention, applied to energy transition costs (Unit 3 AOS 1); Interpreting macro data: energy rebates, headline vs underlying inflation, and goal trade-offs (Unit 3 AOS 2); Terms of trade, the exchange rate and competitiveness in a decarbonising world economy (Unit 3 AOS 3)
• Exam 6 — Tourism recovery as the applied context: recovering services exports, hospitality labour shortages and regional visitor demand; Markets and market failure: demand-supply shifts, price elasticity, common access resources and intervention (U3 AOS1); Aggregate demand, the three domestic macro goals, exchange rates and the balance of payments (U3 AOS2-3)
• Exam 7 — Drought as a microeconomic supply shock: demand and supply, price elasticity, and market failure in food and water markets (Unit 3 AOS 1); Supply-side (cost) inflation and the domestic macroeconomic goals — low inflation, strong and sustainable growth, full employment — and living standards (Unit 3 AOS 2); External effects of drought: the balance of payments, terms of trade, exchange rate movements and international competitiveness (Unit 3 AOS 3)
• Exam 8 — Tracing a global supply chain disruption through both the micro demand-supply model and the macro AD-AS framework; Cost inflation versus demand inflation, and the goal conflict it creates for monetary policy when growth is already weak; Terms of trade, exchange rate depreciation and international competitiveness during a global trade shock
• Exam 9 — U3 AOS1 microeconomics: market failure & government intervention (subsidies, externalities, unintended consequences) applied to childcare; U3 AOS2 macroeconomic goals & U3 AOS3 international economy: measurement, goal relationships, BOP, exchange rates, terms of trade; U4 AOS1 & AOS2 policy: budgetary and monetary (AD) policy plus aggregate supply policies, evaluated against the goals and living standards
• Exam 10 — Microeconomics: markets, efficiency & market failure; Domestic macroeconomic goals; Australia and the international economy
• Exam 11 — Microeconomics: markets, elasticity, efficiency and market failure (U3 AOS1); Macro goals and the AD/AS framework, with the AUD depreciation episode threaded through the international economy and competitiveness (U3 AOS2-3); Aggregate demand and aggregate supply policies — budgetary, monetary, and supply-side evaluation (U4 AOS1-2)
• Exam 12 — Microeconomics and an infrastructure-led construction boom: relative scarcity and opportunity cost, demand and supply with movements versus shifts, price elasticity of supply, and market failure from a positive externality with government subsidies and their unintended consequences (Unit 3 AOS 1).; Domestic macroeconomic goals during the boom: aggregate demand (especially private I and public G2 infrastructure investment) and aggregate supply, strong and sustainable economic growth, low inflation, full employment and the NAIRU, with measurement (GDP, CPI, unemployment/participation) and goal conflicts feeding material and non-material living standards (Unit 3 AOS 2).; The international economy and policy management: gains from trade and trade liberalisation, the terms of trade, exchange rate determination and effects, the balance of payments, alongside Unit 4 aggregate demand policies (budgetary and monetary) and aggregate supply policies (infrastructure, training, R&D, tax reform, immigration) evaluated as tools to manage the boom (Unit 3 AOS 3 and Unit 4 AOS 1 and AOS 2).
• Exam 13 — Microeconomics: scarcity/opportunity cost/PPF, demand-supply (movements vs shifts), elasticity, efficiency, market failure & government intervention; Domestic macro goals (growth, inflation, full employment), aggregate demand/supply, the international economy (BOP, exchange rates, terms of trade, trade liberalisation); Aggregate demand policies (budgetary & monetary) and aggregate supply policies — with contemporary 'skills shortage & training' flavour
• Exam 14 — Microeconomics: market failure (externalities, public goods, asymmetric information) and government intervention including indirect taxes/GST and unintended consequences; Macroeconomic goals and their measurement/conflicts, with AD/AS analysis and links to living standards; Aggregate demand policies (budgetary incl. tax-mix/GST debate, and monetary) plus aggregate supply policies and their evaluation
• Exam 15 — U3 AOS1 microeconomics: scarcity/opportunity cost/PPF, demand-supply (movement vs shift), elasticity, efficiency, market failure & government intervention; U3 AOS2 & AOS3 macro goals and the international economy: AD/AS, growth/inflation/unemployment measurement & relationships, terms of trade, exchange rates, BOP, international competitiveness (export-boom flavour); U4 AOS1 & AOS2 management: budgetary and monetary (AD) policy plus aggregate supply policies, with one extended discuss/evaluate response
• Exam 16 — Microeconomics: market failure (externalities, public goods, asymmetric information), elasticity, and efficiency types — distinguishing movements vs shifts and applying the demand/supply framework precisely.; Macroeconomic goals and the AD/AS framework: aggregate demand components and their drivers, the three domestic goals, goal conflicts/relationships, and links to material and non-material living standards (with a contemporary 'consumer confidence slump' lens).; Policy application U4: budgetary policy (automatic vs discretionary stabilisers, stance, outcomes) and monetary policy (cash rate transmission, stance, strengths/weaknesses), plus aggregate supply policies and trade liberalisation — evaluating effectiveness.
• Exam 17 — Microeconomics; Domestic macroeconomic goals; Australia and the international economy
• Exam 18 — Microeconomics & market failure: relative scarcity, opportunity cost, PPF, demand/supply movements vs shifts, equilibrium, elasticity, efficiency types, and the externality/subsidy framework using the EV uptake flavour.; Domestic macro goals & AD/AS: components of AD (C, I, G1, G2, X-M) and AS factors, the three goals with current benchmarks (3-3.5% growth, 2-3% CPI, ~4-4.5% NAIRU), measurement, goal conflicts, and links to living standards.; International economy: gains from trade and trade liberalisation, balance of payments (CAD vs KAFA), terms of trade, exchange rate determination and effects, international competitiveness.
• Exam 19 — Microeconomics: efficiency, market failure & intervention; Domestic macro goals, measurement & living standards; The international economy: BOP, exchange rates & trade
• Exam 20 — Microeconomics: markets, elasticity, market failure and government intervention (U3 AOS1); Macroeconomic goals, AD/AS and the international economy (U3 AOS2 & AOS3); Aggregate demand policies — budgetary and monetary (U4 AOS1)