Final answer:
The thoracic cavity, positioned above the diaphragm and encased by the rib cage, contains the heart and lungs.
Step-by-step explanation:
The ventral cavity located above the diaphragm that contains the heart and lungs is known as the thoracic cavity. This cavity is the superior division of the ventral cavity and is encased by the ribcage. The thoracic cavity specifically includes the pleural cavities, surrounding the lungs, and the pericardial cavity within the mediastinum that encloses the heart. The floor of the thoracic cavity is formed by the diaphragm, which separates it from the abdominopelvic cavity, lying inferior to the diaphragm. The abdominopelvic cavity consists of the abdominal cavity, housing the digestive organs, and the pelvic cavity, which contains the reproductive organs.