The average price-earnings multiplier in economy X is significantly higher than the average PE ratio in economy Y. Which of the following could not be an explanation of this fact?

A. A higher expected growth rate in economy X than in economy Y.

B. A lower degree of risk in economy X than in economy Y.

C. A lower level of interest rates in economy X than in economy Y

D. A higher average dividend payout ratio in economy X than in economy Y.

E. Higher share prices in economy X than in economy Y.

Explain to me, thanks