Suppose Japan agreed to a voluntary export restriction (VER) that reduced U.S. imports of Japanese steel by

Question:

Suppose Japan agreed to a voluntary export restriction (VER) that reduced U.S. imports of Japanese steel by 10 percent. What would be the likely short-run effects of that VER on the U.S. and Japanese steel industries? If this restriction were permanent, what would be its long-run effects in the two nations on?
(a) The allocation of resources,
(b) The volume of employment,
(c) The price level,
(d) The standard of living?