Question : Statement 1: Outsourcing refers to the practice of contracting work to external organizations or individuals.
Statement 2: Outsourcing has no impact on the global economy.
Option 1: Both statements are true.
Option 2: Both statements are false.
Option 3: Statement 1 is true, and statement 2 is false.
Option 4: Statement 1 is false, and statement 2 is true.
Correct Answer: Statement 1 is true, and statement 2 is false.
Solution : The correct answer is (c) Statement 1 is true, and statement 2 is false.
Statement 1 is true. Outsourcing involves delegating specific tasks or functions to external parties, often in different locations or countries, to take advantage of cost efficiencies, specialized expertise, or other benefits.
Statement 2 is false. Outsourcing is a significant factor in the global economy. It influences various aspects, such as employment, trade patterns, and the distribution of economic activities across countries. The outsourcing of jobs and services can have implications for both the source and destination countries in terms of job opportunities, economic growth, and competitiveness.
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