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Economics · May / June 2017 · Paper 12 · Question 29

2281Globalisation and trade restrictions

In 2015, Russia banned the imports of food, such as milk, from the European Union (EU). Which outcomes are most likely to happen as a result?

  1. Aexcess demand | fall | rise
  2. Bexcess demand | rise | rise
  3. Cexcess supply | fall | fall
  4. Dexcess supply | rise | fall

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Correct answer: D. excess supply | rise | fall

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