Basically. They're not quite the same.
"Implications" may be used to to refer to the predicted outcomes - or effects. So for example, the implications involved with not studying for the 2011 HSC may be achieving a lower mark and thus getting a lower ATAR. It is not explicit - "implic"-action, and it hasn't happened yet however probable it is. So, essentially, an implication is an implicit conclusion that may be drawn from something and/or a likely consequence of something.
An effect is something that is produced by an agency or cause; a result or consequence.
So generally, "effect" is used to describe the outcome of any action or situation, whereas "implication" refers to something (an effect) that has not happened, but is likely to happen.
However, this distinction isn't very important for HSC economics essays and short answers. If you answer a question asking for an implication by thinking of it as an effect then it shouldn't weaken your answer/be considered 'wrong'. Because an implication is a possible effect. If that makes sense?
That was a very long winded way of describing the difference. Sorry, but I can't be bothered to cut it down/simplify it further.