We are being asked if y is positive - given the parameters that x is positive and 7x-2y>0 this is an algebra inequality so we have to be careful about signs and may need to solve for actual values.
1 says 7x>2y - which means that 7/2(x)>y = so we know that some positive number is greater than y - this doesn't tell us whether y is positive or negative so it is insufficient. BCE
2. Says that -y<x - we know here that x is positive so we know that -y is less than a positive number. This still leaves both positive and negative options open - either y is negative so basically the positive value of y is less than another positive - or y is positive and teh negative value of y is less thana positive number - this isn't enough information.
if you put them together both statements allow for positive and negative values for y -and together they offer no new information - so the answer is E.
Becky
Master GMAT Instructor
The Princeton Review
Irvine, CA