During the 1970s, the Price/earnings Ratio of Stocks in the S&P

Multiple Choice

During the 1970s, the price/earnings ratio of stocks in the S&P 500 was relatively low. This low P/E ratio was

A) surprising because the inflation rate was high during the 1970s.
B) not surprising because interest rates were low during the inflationary 1970s.
C) not surprising because interest rates were high during the inflationary 1970s.
D) surprising because the inflation rate was low during the 1970s.