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Q: How did Cleveland show his determination to keep a tight reign on government spending?
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Continue Learning about Economics

What is the difference between a mixed economy and a market economy?

A mixed economy is a combination of communist, market and traditional economies. A market economy basically has free reign over the production and distribution of goods and services.


What was the Gosplan?

The Gosplan was a group of people during the reign of Stalin who set wages and prices to improve the economy.


In economics when is the question how goods are produce not a problem?

Depending upon the situation, there could be a number of reasons. For example, suppose we're dealing with a communist country where businesses are 100% owned and operated by the government. Because the government sets the laws and operates the businesses, they literally have free reign to do whatever they want. And so if there's pollution resulting from their manufacturing activities, it's not a problem because the government can write laws allowing this to occur. So how a product is made becomes unimportant. And that's because the government has total control to make the product anyway it sees fit. This means using substandard materials, illegal workers, dismal working conditions, massive pollution and dangerous chemicals, etc. And because the government is the only one making the product, there's no competition. Plus, the government sets the product's price. So they can charge whatever they want and consumers have no choice but to pay it. Why? Because there's nobody else making and selling it.


Why was economic condition of France so poor during the reign of Louis xvi?

During the Seven Year's War France lost most of its overseas treasure to Great Britain. The resulting ecomnomic damage almost destroyed the monarchy. However, some of the economic was repaired in the 1760's by the minister, the duc de Choiseul but Louis XV left his successor, his grandson Louis XVI, a debt of 4000 million livres when he died in 1774. In 1788 the French government went bankrupt.


How much is a dollar worth in euros?

The US dollar is equal to .73 euros, with it going up and down slightly over the past few years. Some people say that the reign of the dollar is coming to an end, and the euro may end up being an alternative.