Answer:
4.The product is greater that 3/8 and less than 7/2.
Explanation:
The product of 3/8 and 7/2 is:

This number is greater than 3/8.
It is greater than 1/8 but not less than 1/2.
This number is less than 7/2.
This number is greater than 3/8 and it is less than 7/2.
Hence, the correct options is 4.