(Answered) Suppose japan agreed to a voluntary export

Economics

Suppose Japan agreed to a Voluntary Export Restriction (VER) that reduced US imports of Japanese steel by 10%. Discuss what would be the likely short-run effects of that VER on the US and Japanese steel industries.

If the restriction were permanent, what would be its long-run effects in the two nations on the:

Allocation of resources
Volume of employment
Price level
Standard of living

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Business Economics, Economics

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