During 2009, the exchange rate for the Singapore dollar shifted from $1.49 = 1$ US dollar to $1.43$ Singapore dollars $= 1$ US dollar. What effect would this have on Singapore's import prices and export prices?
- Aprices paid by Singapore for imports: decrease; prices paid to Singapore for exports: decrease
- Bprices paid by Singapore for imports: decrease; prices paid to Singapore for exports: increase
- Cprices paid by Singapore for imports: increase; prices paid to Singapore for exports: decrease
- Dprices paid by Singapore for imports: increase; prices paid to Singapore for exports: increase