If full employment GDP (QI) is $360 billion and equilibrium GDP is $310 billion, this economy is experiencing Select one: a. a recessionary gap of $50 billion. b. an inflationary gap of $50 billion. c. an inflationary gap of $360 billion. d. a recessionary gap of $360 billion. To eliminate an inflationary gap, government expenditures must Select one: a. Cannot be determined by the information given. b. increase C. decrease. O d. stay the same. If an economy is experiencing an inflationary gap of $330 billion and the expenditure multiplier is 3. calculate how much government expenditures need to change to close the gap. Select one: a decrease by $110 billion. b. Increase by $330 billion. c. decrease by $333 billion O d increase by $110 billion