In the early 18th century the economy of France was depressed. The government was deeply in debt and taxes were high. In addition, the French controlled the colony of Louisiana, a vast settlement in the interior of North America. The Louisiana Colony included the Natchez district and the area along the Mississippi Gulf Coast in present-day Mississippi. France was the first European country to settle this area of North America (1699–1763). –"John Law and the Mississippi Bubble," Jon Moen What was the state of the French economy in the early 1700s? Check all that apply. The French government was in debt. The taxes citizens paid were very high. Employment was on the rise for French citizens. The French economy was shrinking instead of expanding. France had lost economic control of its colonies in America.