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Assignment Instructions: Suppose you are the Dictator of Imagineland, a medium sized island in the North Atlantic Ocean with a population of 5 million people. Major industries are commercial fishing and tourism. You have just discovered a vast amount of petroleum deep in the ocean floor just off of your coast (in your country’s territorial waters). Your #1 objective is to grow your country’s Gross Domestic Product (GDP) over the long run. Consider how you might think about whether to develop and extract this resource according to economic principles of sustainability, and what you have to consider as alternatives, tradeoffs, environmental issues, etc. You should flesh out the country of Imagineland according to your own “Imagination.” Consider environmental concerns as well as economic concerns, such as employment, GDP, and trade. Your assignment should be no more than 3 pages double-spaced, 12-pt font. Cite real world examples (this isn’t the first time oil has been discovered; there are probably lessons to be learned from other countries). Use APA format for references and citations. Include the following information/headings: Issue Identification Summarize the issue, including the current status of your country (size, population, major industries, employment, GDP per capita, average education level, major resources, major industries, etc.). Many of these will require you to use your “imagination” but keep them reasonable. Also, make sure GDP per capita aligns with the rest of your metrics. For example, it is not reasonable to say a country that depends mostly on tourism and commercial fishing with an unemployment rate of 20% has a GDP per capita of $50,000. Check the CIA Fact book, World Bank, or other data source for comparable countries. Decision and Alternatives Identify the decision to be made. This is not where you make the decision – it is where you decide what you have to decide. Present two alternative choices regarding what you might do to grow your country’s GDP. These choices should be mutually exclusive, such that you cannot do both. One of your choices should be to develop the oil resource (the mechanism and timing is up to you). Your other choice might be to focus on a different industry or to maintain the status quo, or something else entirely. Evaluation of Alternatives What are the tradeoffs associated with each alternative? Explain what your country gains and loses (in terms of economics, financial, social, etc.) if you choose one alternative versus the other one. Evaluate each alternative separately (don’t compare them in this section), using common metrics such as impact on GDP growth, impact on the environment, impact on taxation, education, etc. The metrics you choose are up to you, but at remember we are talking about tradeoffs. What do you gain and lose if you pick Alternative 1? What do you gain and lose if you pick Alternative 2? Decision and Justification Based on your evaluation above, describe what alternative you might select and why you think it best satisfies your #1 objective. How does it affect other objectives you might have? References You must include at least three scholarly references. They must also be properly cited in the body of your paper (don’t just tack them on at the end).