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.
Statement 2: Outsourcing has no impact on the local job market.
Question : Statement 1: Outsourcing has led to job opportunities in developing countries.
Statement 2: Negative aspects of outsourcing include the loss of domestic jobs in certain industries.
Question : Statement 1: The 1991 economic policy in India aimed to liberalize the Indian economy.
Statement 2: Liberalization refers to the reduction of government restrictions on economic activities.
Question : Statement 1: Brain drain has a negative impact on employment opportunities in India.
Statement 2: Brain drain refers to the emigration of highly skilled individuals from a country.
Question : Statement 1: Privatization refers to the transfer of government-owned enterprises to the private sector.
Statement 2: Disinvestment refers to the acquisition of private enterprises by the government.
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