An economic system in which countries exchange goods without imposing excessive tariffs and taxes is known as ______.

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Free trade refers to a situation where countries allow the exchange of goods and services across borders without excessive tariffs or taxes. This allows for greater economic efficiency and increased competition, leading to lower prices for consumers and increased economic growth. International trade is a broader term that includes any exchange of goods and services between countries, whether or not tariffs or taxes are involved. Capitalism refers to an economic system based on private ownership and free market forces, while an international monetary system refers to the rules governing currency exchange rates between countries. Democratic socialism refers to a political ideology that incorporates elements of both democracy and socialism, with an emphasis on social welfare programs and government regulation of the economy to reduce inequality.

An Economic System in Which Countries Exchange Goods Without Imposing