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An economist makes the following statement: There is a principal-agent problem with respect to the relationship between the president and the Fed. But that's a

An economist makes the following statement: "There is a principal-agent problem with respect to the relationship between the president and the Fed. But that's a good thingit's how we can avoid a political business cycle." In general, what do economists mean by a "principal-agent problem"? By a "principal-agent problem," economists mean ________

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