Singapore is a classic example of a nation that embraced the international trade path. Which of the following statements is TRUE regarding how Singapore was a success? Singapore concentrated on producing a select number of goods and was able to sell them to developed countries cheaply because of their low labor costs. All industries in Singapore were government-owned. O Singapore is aresource-rich nation that sold large amounts of natural resources on the world market in exchange for foreign currency. Singapore banned foreign imports in order to develop local industries. O Singapore banned their currency from being converted into foreign currencies, thus shielding it from global currency fluctuations.