Simple * 92% 10:40 AM instructure-uploads.s3.amazonaws.com 11) Why are importers and exporters using Letter of credit (LC) for payment arrangements? What do both lose if they undertake trade exchanges without LC? 12) explain the difference between "Irrevocable Vs revocable" and "Confirmed versus unconfirmed" letter of credit. 13) In a situation where the foreign exchange transaction calls for payment in the exporter's currency, the importer has the foreign exchange risk. A) Tru B False 14) One of the following is false about a letter of credit. Which one? A) The importer and exporter agree on a transaction. B) The importer applies to its local bank for the issuance of a letter of credit. C) The exporter applies to its local bank for the issuance of a letter of credit. D) The importer's bank cuts a sales contract based on its assessment of the creditworthiness of the importer 15) Discuss the major difference between "currency risk" and "risk of noncompletion". Also, discuss how these risks are handled in a typical international trade transaction