(a)[2]
Calculate the world price of rice in January 2002 approximately.
(b)[4]
With reference to Fig. 1, analyse why the price of rice moved differently from November 2007 to April 2008, and then after May 2008.
(c)[4]
Explain two possible economic reasons behind India’s introduction of export restrictions.
(d)
- How could an effective minimum export price have improved India’s position? [2]
- Why may India have switched from using a minimum export price to an export ban? [2]
(e)[6]
Discuss the possible harmful effects of India’s protectionist trade policy for both its own economy and the rest of the world.