[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-0-en-105":3,"doc-seo-315448-105":59,"doc-detail-315448-en":130},{"code":4,"msg":5,"data":6},0,"success",[7,13,18,23,28,33,38,43,48,51,55],{"id":8,"doc_module":4,"doc_module_name":9,"category_name":10,"show_sort_weight":11,"slug":12},1,"Document","Story & Novel",90,"story-novel",{"id":14,"doc_module":4,"doc_module_name":9,"category_name":15,"show_sort_weight":16,"slug":17},2,"Literature",80,"literature",{"id":19,"doc_module":4,"doc_module_name":9,"category_name":20,"show_sort_weight":21,"slug":22},4,"Exam",70,"exam",{"id":24,"doc_module":4,"doc_module_name":9,"category_name":25,"show_sort_weight":26,"slug":27},5,"Comic",60,"comic",{"id":29,"doc_module":4,"doc_module_name":9,"category_name":30,"show_sort_weight":31,"slug":32},6,"Technology",50,"technology",{"id":34,"doc_module":4,"doc_module_name":9,"category_name":35,"show_sort_weight":36,"slug":37},7,"Healthcare",40,"healthcare",{"id":39,"doc_module":4,"doc_module_name":9,"category_name":40,"show_sort_weight":41,"slug":42},8,"Research & Report",30,"research-report",{"id":44,"doc_module":4,"doc_module_name":9,"category_name":45,"show_sort_weight":46,"slug":47},9,"Religion & Spirituality",20,"religion-spirituality",{"id":46,"doc_module":4,"doc_module_name":9,"category_name":49,"show_sort_weight":46,"slug":50},"World Cup","world-cup",{"id":52,"doc_module":4,"doc_module_name":9,"category_name":53,"show_sort_weight":52,"slug":54},10,"Lifestyle","lifestyle",{"id":56,"doc_module":4,"doc_module_name":9,"category_name":57,"show_sort_weight":24,"slug":58},19,"General","general",{"code":4,"msg":60,"data":61},"ok",{"site_id":62,"language":63,"slug":64,"title":65,"keywords":66,"description":67,"schema_data":68,"social_meta":123,"head_meta":125,"extra_data":127,"updated_unix":129},105,"en","2021-vce-economics-external-assessment-report-general-comments","2021 VCE Economics External Assessment Report - General comments","","2021 VCE Economics external assessment report provides general comments on student performance across multiple-choice and short/extended response sections. It highlights common errors in identifying public goods and in applying economic concepts accurately, including misunderstandings about RBA forecasting and the extent of inaccuracy. The report also notes issues with relevance, incomplete answers, and gaps in Unit 3 Area of Study 3 knowledge, while outlining key areas where most students performed well and areas requiring stronger application.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":20,"@type":76,"position":81},"https://docshare.wps.com/document/exam/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/2021-vce-economics-external-assessment-report-general-comments/315448/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/2021-vce-economics-external-assessment-report-general-comments/315448.png","ImageObject",300,407,{"name":92,"@type":93},"Melati","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-21","2026-09-20",true,{"@type":102,"interactionType":103,"userInteractionCount":44},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"Why did many students struggle with Question 10 about public goods?","Question",{"text":112,"@type":113},"Many selected examples like fireworks or free-to-air TV, instead of recognizing which options are not likely to be public goods. The report explains public goods are typically non-excludable and non-depletable, unlike healthcare services, which are partly non-excludable and partly non-depletable.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"What problems did students show in Section B responses?",{"text":117,"@type":113},"Most could structure answers well, but some included irrelevant material and used more examples or factors than required. The report also notes that many responses were blank or scored zero for some questions, indicating gaps in key Unit 3 Area of Study 3 concepts.",{"name":119,"@type":110,"acceptedAnswer":120},"Which economic areas were generally answered well, and which need more practice?",{"text":121,"@type":113},"Students performed well on concepts such as full employment, aggregate demand and unemployment drivers, monetary policy transmission, and links between budget outcomes and public debt. Lower scores appeared in areas requiring application like strengths/weaknesses of policies for full employment, automatic stabilisers, welfare and tax reform impacts, elasticity of supply, and balance of payments relationships.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},315448,1790435258,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":19,"category_name":20,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":44,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":139,"language":140,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":141,"faqs":142,"seo_title":143,"seo_description":67,"update_tm":144,"read_time":145,"preview_page_count":4},962085570644,"https://ap-avatar.wpscdn.com/davatar_994ba38a5ba835b3df7d355c54d3ed8d","2021 VCE Economics external assessment report  \nGeneral comments  \nThe majority of students performed well in Section A and demonstrated the necessary knowledge and skills by selecting the correct option in the multiple-choice questions. However, many had difficulty with Question 10 , which required students to select which of the four options listed (a fireworks display, street lighting , healthcare services and free-to-air TV broadcasts) ‘is not likely to be considered a public good’. Many students chose ‘a fireworks display’ or ‘free-to-air TV broadcasts’, failing to recognise that these two are more likely to be examples of public goods as they are both non-excludable and non-depletable, unlike healthcare services , which are partly non-excludable and partly non-depletable. Students should remember that healthcare services (like education) are examples of a ‘good’ with positive externalities in consumption. It is technically not a public good because you can exclude many non-payers from enjoying (some of) the benefits and one person's consumption typically prevents another person from enjoying 'all' of those benefits.  \nIn Section B, most students attempted all questions and were able to structure their responses well , addressing the questions’ key components and making use of the extra space at the end of the booklet. However, in some cases students included material not relevant to the question, such as referring to how the Reserve Bank of Australia ( RBA) manipulates the cash rate for Question 1c. or providing more  \nexamples/factors than necessary or required (e.g. Questions 1b. , 1c. , 2d. , 2e. , 3a. , 3c. , 3d. , 3e. and 4d. ) .  \nStudents should read the questions carefully. For example, Question 1b. required more than an explanation of why unemployment fell over the course of 2021. The question required them to explain why the actual unemployment rate towards the end of 2021 was lower than the RBA forecast. It therefore required students to address the extent of the inaccuracy. In relation to Question 3e. , many students focused on the consumption of fish (from Question 3d. ) and referred to the price elasticity of demand and/or focused on factors affecting the price elasticity of demand when the question specifically required students to explain one factor affecting the price elasticity of supply of fish. In Questions 4b. and 4d. , close to 50% of responses were either blank or scored zero, suggesting that students may need to develop a more thorough understanding of key knowledge from Unit 3 , Area of Study 3. These include terms of trade, net foreign debt,(factors affecting the) current account balance, and/or the structure of the balance of payments more generally.  \nStudents would also benefit from having a better grasp of the differences between automatic and discretionary stabilisers (Question 2b. ) , between a budget deficit and a current account deficit (Questions 2a. and 4b. ) and between deficits and debt (Question 2a. ) . Many confused ‘strengths’ of policies with the‘operation’ of policies (Question 1d. ) .  \nQuestions requiring the following areas of knowledge and skills were answered well by most students:  \n􀁸 the meaning of the goal of full employment  \n􀁸 aggregate demand and aggregate factors that have influenced the unemployment rate in the past two years  \n􀁸 transmission mechanisms of monetary policy and their influence on the level of aggregate demand  \n􀁸 the relationship between the budget outcome and the level of government (public) debt  \n2021 VCE Economics external assessment report  \n􀁸 how aspects of budgetary policy are designed to influence aggregate supply and the achievement of domestic macroeconomic goals: spending on training and education , research and development grants , and subsidies  \n􀁸 factors likely to affect demand and the position of the demand curve: changes in disposable income, the prices of substitutes and complements , preferences and tastes , interest rates , changes","cbCaikohAPQFOWT2","https://ap.wps.com/l/cbCaikohAPQFOWT2","pdf",263075,17,"English","# General comments\n## Section A performance\n## Section B response quality\n## Areas students should improve\n## Knowledge and skills answered well\n## Skills and knowledge requiring stronger application","[{\"question\":\"Why did many students struggle with Question 10 about public goods?\",\"answer\":\"Many selected examples like fireworks or free-to-air TV, instead of recognizing which options are not likely to be public goods. The report explains public goods are typically non-excludable and non-depletable, unlike healthcare services, which are partly non-excludable and partly non-depletable.\"},{\"question\":\"What problems did students show in Section B responses?\",\"answer\":\"Most could structure answers well, but some included irrelevant material and used more examples or factors than required. The report also notes that many responses were blank or scored zero for some questions, indicating gaps in key Unit 3 Area of Study 3 concepts.\"},{\"question\":\"Which economic areas were generally answered well, and which need more practice?\",\"answer\":\"Students performed well on concepts such as full employment, aggregate demand and unemployment drivers, monetary policy transmission, and links between budget outcomes and public debt. Lower scores appeared in areas requiring application like strengths/weaknesses of policies for full employment, automatic stabilisers, welfare and tax reform impacts, elasticity of supply, and balance of payments relationships.\"}]","2021 VCE Economics External Assessment Report - General comments | PDF",1789904859,43]