Brent is right; part of the question must be missing.
In the meantime, though, we can analyze whether statement (1) is sufficient. The question is asking whether x is less than y.
(1) 1/x < 1/y (just a note - using parentheses around the statement number helps to show that it's separate from the equation. As you wrote it, it looks a bit like 1.1)
Can we cross-multiply, and say that y < x ? No, not without knowing whether x and y are positive or negative. Keep it as-is. The reciprocal of x is less than the reciprocal of y. Let's think about various possibilities for x and y, to see what this tells us about our question. If x and y are both positive integers (e.g. 3 and 2), then if 1/x < 1/y, x will be greater than y (3 > 2), so we get a "no" answer to the question. If x is negative and y is positive, though, then the statement will be true (1/neg < 1/pos), and x will always be less than y, so we get a "yes" answer to the question.
We need more information about whether x and y are positive or negative, and whether they're integers or fractions. INSUFFICIENT
Now we just need to see statement 2 to answer the question...
Ceilidh Erickson
EdM in Mind, Brain, and Education
Harvard Graduate School of Education
really very nice of you........ no wonder you got a 760... 
