QUESTION 1 Which statement is a plausible explanation for the U.S. run current account deficits? The U.S. runs current account deficits against large trading partners. The U.S. runs trade deficits against large trading partners. O The U.S. runs fiscal deficits. All of the above QUESTION 2 Which statement characterizes a large open economy? Its trade deficit is close to zero. It influences the world interest rate. Its GDP is larger than 20 percent of the world GDP. Its government budget is larger than 10 percent of its GDP. QUESTION 3 Which statement characterizes a small open economy? Its trade deficit is close to zero. Its GDP is less than 20 percent of the world GDP. Its government budget is less than 10 percent of its GDP. It does not influence the world interest rate