Letters of Credit Is a Revocable Commitment by a Bank

question 22

True/False

Letters of credit is a revocable commitment by a bank issued on behalf of its client and promising to pay a specific sum of money to a beneficiary upon compliance with the instructions of the letter of credit.

---

Definitions:

Wage Gap

Refers to the difference in earnings between different groups of workers, often highlighted between genders or races.

High-Skill

Referring to jobs or positions that require advanced training, education, knowledge, or proficiency.

Low-Skill

Describes jobs or workers that require minimal specialized training or education.

Compensating Differential

A difference in wages that arises to offset the nonmonetary characteristics of different jobs.