Is the student text plagiarized?

 - Yes, because it fails to use quotation marks.
 - No, it is not plagiarized.
 - Yes, because it fails to use quotation marks and fails to cite the source.
 - Yes, because it fails to cite the source.
The student text is plagiarized. It uses the source's exact words without quotation marks, and it also fails to cite the source.
It has been said that the new technologies of the digital era have yielded great headlines, but modest economic results.
Source: Paul Krugman, "The Big Meh." Published in The New York Times 25 May 2015.
At this point, the whole digital era, spanning more than four decades, is looking like a disappointment. New technologies have yielded great headlines, but modest economic results.