The new policy will _______ everyone, but its _______ will not be immediately clear.
Correct: A
'Affect' is typically a verb meaning 'to influence or have an impact on'. 'Effect' is typically a noun meaning 'a result or consequence'. In the first blank, 'affect' (verb) is needed because 'policy will affect'. In the second blank, 'effect' (noun) is needed as 'its effect' refers to the result of the policy.