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How to Score High in WACE Economics Extended Response Questions
Cracking the WACE Economics extended response questions can feel like trying to predict the Reserve Bank's next interest rate move—tricky, but definitely possible with the right strategy! Whether you're aiming for top marks or just want to boost your score, this guide will walk you through the best techniques, unique tips, and even a sample response to help you excel in your next exam.
1. Know the Syllabus Like an Economist Knows Supply and Demand
Your first step is to be best friends with the WACE Economics syllabus. Examiners love to ask questions straight from the syllabus, so make sure you understand key economic theories, concepts, and how they apply to real-world situations. Print it out, highlight key points, and review past exam questions to identify recurring themes.
2. Master the Art of Structuring Your Answer
Think of your extended response as an economic policy—it needs to be well-structured and logical. Use the PEA format (Point, Explanation, Application) to keep your response clear and focused:
- Point – Clearly state your argument.
- Explanation – Back it up with economic theory.
- Application – Use real-world examples and data.
A solid structure to follow is:
- Introduction:
- Define key terms
- Outline your argument/stance
- Mention the economic theories you’ll discuss
- Body Paragraphs:
- Each paragraph should focus on one key argument or factor
- Use clear topic sentences
- Provide evidence, such as statistics, graphs, and case studies
- Include counterarguments where relevant
- Conclusion:
- Summarise your main points
- Restate your stance (if applicable)
- Mention any real-world implications or policy recommendations
3. Use Real-World Examples (and Keep Them Fresh!)
Examiners love responses that incorporate recent economic events. This shows that you’re engaging with the subject beyond the classroom. Keep up with current affairs by following sources like The Australian Financial Review, ABC News, and The Reserve Bank of Australia’s website.
Example: Instead of vaguely discussing inflation, reference Australia’s recent cost-of-living crisis and how monetary policy has responded.
4. Make Your Diagrams Work for You
Graphs and diagrams can be your best friends in an Economics exam. But a badly drawn graph is like a bad economic policy—confusing and ineffective. Here’s how to make sure your diagrams shine:
✅ Label everything (axes, equilibrium points, shifts)
✅ Keep them neat and clear
✅ Always refer to your diagrams in your explanation
5. Avoid Common Mistakes
- Being too vague – Examiners don’t reward generic statements. Be specific and use data where possible.
- Not answering the question – Stay focused on what’s being asked and avoid going off on tangents.
- Ignoring counterarguments – A high-scoring response acknowledges and evaluates different perspectives.
- Running out of time – Practise writing under timed conditions so you can manage your time effectively.
6. Practise Like You’re Training for the Economic Olympics
The best way to improve is through practice. Use past WACE exam papers and time yourself writing responses. Have your teacher or a peer review your answers and provide feedback.
Pro Tip: Try writing responses in bullet point form first, then expand them into full paragraphs. This will help you organise your ideas quickly under pressure.
7. Case Study: A Top-Scoring Example Response
Question: Evaluate the effectiveness of Australia’s monetary policy in controlling inflation over the past decade.
Sample Response:
| Introduction Monetary policy, implemented by the Reserve Bank of Australia (RBA), plays a crucial role in managing inflation through changes in the cash rate. Over the past decade, Australia has faced various inflationary pressures, prompting the RBA to adjust interest rates to maintain price stability. This response will evaluate the effectiveness of these measures.Body Paragraph 1: Effectiveness During Low Inflation Periods
Body Paragraph 2: Effectiveness in Recent High-Inflation Periods
Conclusion |
8. Final Tips for Exam Day Success
- Read the question carefully (twice!) before writing.
- Plan your response in a quick 3-minute outline.
- Use economic terminology confidently but clearly.
- Write concisely – quality over quantity!
- Proofread if time allows.
Further References
For more practice and insights, check out:
- Reserve Bank of Australia – Monetary Policy Decisions
- Australian Bureau of Statistics – Inflation Data
- WACE Economics Past Papers
Good luck with your studies! And remember, when in doubt, just think—what would an economist do?
If you found these tips helpful, I’d personally love to support you as your tutor this year. You can view my profile here on Learnmate and contact me to discuss tutoring.
Alternatively, you can also engage other WACE Economics tutors on Learnmate to help you refine your extended response skills, boost your confidence, and receive tailored guidance to ace your WACE Economics exams.
