WAEC Economics 2003 Question 7

Question 7

Theory of Production

One major function of the entrepreneur is

  1. A.bearing of risk
  2. B.maximizing profits
  3. C.taking charge of day to day management
  4. D.determining the selling price of his products.
Show the answer and explanation

Answer: A (bearing of risk)

Explanation

The entrepreneur's distinctive function is bearing the uninsurable risks of the business.