Assume you are applying for a position at the central bank of your native country and you are required to analyse the following assertion:

"There cannot be a high inflation rate without a large growth rate in the quantity of money; and there cannot be a large growth rate in the quantity of money without a high inflation rate."

(a)Is this statement empirically true? If not, give an example where the assertion is empirically false.

(b)Is the above-mentioned assertion saying that a large growth rate in the quantity of money is a necessary and sufficient condition for a high inflation rate? If so, explain with absolute clarity what is the necessity part and the sufficiency part.

(c)Is this statement proving that a large growth rate in M is the cause of inflation? Explain briefly.