WACE Economics

Subscribing to ReviseOnline WACE Economics course (Units 1&2 and Units 3&4) gives you access to an extensive range of revision material, which can deliver a significant boost to your ATAR score. WACE Economics is designed to give the student a better understanding of the analysis of the allocation, distribution and utilisation of scarce resources that determine our wealth and wellbeing. Unit 1&2 in Year 11 covers economic enquiry and the operation of the economy, while the Year 12 (Units 3&4) course explores Australian economic policy and management in a global context.

Using only WA Curriculum specific assessment material, students use ReviseOnline to develop skills to more effectively articulate responses and manage time pressure, leading to less stress and higher scores.

Users of ReviseOnline Economics will receive:


Topic tests

Exam builders

Full exams

Year 11 (Unit 1&2)




Year 12 (Unit 3&4)




Structure of assessments

  • Topic tests -10 Multiple Choice (10 marks), 3 Short Answers (36 marks). Suggested time 50 min each

  • Exam builders - 18 Multiple Choice (18 marks), 3 Short Answers (36 marks), 1 from 2 Extended Answer (20 marks). Suggested time 2hr each

  • Full exams - 24 Multiple Choice (24 marks), 3 Short Answers (36 marks), 2 from 4 Extended Answer (40 marks). Suggested time 3hr each

Marking keys

Each test or exam also comes complete with sample answers and WACE style marking keys. Multiple choice is automatically marked for you.

Topic areas covered:

Year 11 (Unit 1&2)

Year 12 (Unit 3&4)

Balance of payments

Aggregate expenditure, aggregate demand and aggregate supply

Demand, supply, equilibrium and elasticity

Balance of payments

Economic growth, inflation, unemployment, income distribution and economic objectives

Fiscal and monetary policy

Macroeconomic activity and the business cycle

Foreign investment


Global interdependence, free trade, protection and pattern of trade

Market failure, government policies and equity, Externalities, Public goods and common resources, Efficiency, Consumer and Producer Surplus

Economic Policy Objectives and the Business Cycle

The public sector, taxation and the effects of government policies

Structural changes and measures to improve productivity


Terms of trade and exchange rates