I assume other lenses are working fine, changing apertures, etc? If the lens was jarred or hit it's possible something bent or snagged internally to "stick" the aperature at f16. Other things that cause this are when oil gets on the blades , but this usually just slows them down a lot. It will only freeze up the blades if the lens has been sitting around a long time with oil or water on the blades.
I'm not familiar with the Canon mount, but on A-Mount and some other lenses you can manipulate the aperture when the camera is off lens by moving the lever by hand, etc. If the blades are just slightly stuck, this may be enough to free them up and they'll be fine. Other things that can happen are that the aperture control arm can get bent, and not align with the control on your camera causing it not to respond, or jam.
When all else fails, take it to a shop. However, most lens repairs are expensive, and would not be worth it for a lower end lens like a Quantaray... (I have the same one for the a-mount, and yah, it's cheap but generally functional)
Good luck with it...