5 The forward transaction is one in which foreign currency is purchased immediately at a specific exchange rate True False QUESTION 6 When two or more firms from different countries have an ownership position in a separate company, an equity international joint venture exists True False QUESTION 7 The rounds of tariff negotiations that reduced worldwide average tariffs from 45 to less than 7% is known as the General Agreement on Tariffs and Trade True False QUESTION 8 Under a letter of credit commitment, the exporter does not ship goods until payment is received True False