Question : Statement 1: Outsourcing refers to the practice of contracting work to external organizations or individuals.
Statement 2: Outsourcing has no impact on the local job market.
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 refers to the practice of contracting work to external organizations or individuals. It involves delegating specific tasks or operations to external entities rather than keeping them in-house.
Statement 2 is false: Outsourcing does have an impact on the local job market. When companies outsource certain tasks or operations, it can lead to job losses in the local market as those functions are performed by external entities. However, it is important to note that outsourcing can also create new job opportunities in other areas or industries, and it can contribute to economic growth and specialization.
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