Question

The protection of markets with excess labor refers to the erection of barriers to imports of products competing with local offerings in an effort to protect local jobs. This is found in the "Arguments for Protectionism" section.

Answer 1

The protection of markets with excess labor refers to the erection of barriers to imports of products competing with local offerings in an effort to protect local jobs. This is found in the "Arguments for Protectionism" section.

Explanation:

Arguments for Protectionism were made to protect the national security value of the trade. The arguments for protectionism section comprise many protection measures. They are as follows:

i) Protection on markets with excess productive capacity

ii) Employment protection and protection of markets with excess labor

iii) Protection of consumers

iv) Infant industry arguments

v) National defense interests

Excess productive capacity in the markets can help in invoking the protection of local labor and preventing purchase from foreign countries.