Voluntary export restriction

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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

Reference no: EM131005418

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