How do the effects of voluntary restraint agreements differ from the effects of a tariff?

1) Tariffs reduce trade by more than voluntary restraint agreements.

2) Voluntary restraint agreements are informal agreements that can be easily changed, while tariffs are not.

3) Tariffs increase the prices of imports, helping domestic producers, while voluntary restraints do not.

4) Voluntary restraint agreements result in higher prices, which increase revenue for foreign firms, while the revenue raised from tariffs goes to the domestic government.

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