A. The continents in the Eastern Hemisphere are traditionally called the ‘Old World’.
B. The continents in the Western Hemisphere are traditionally called the ‘New World’.
A. Only A is correct
B. Only B is correct
C. Both A and B are correct
D. Neither A nor B is correct

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Hint: The Eastern Hemisphere is that part of the world that was known to the Europeans before the discovery of the Americas. The New World is mainly referred to the Americas.

Complete answer: The Old World is referred to combined territories of Europe, Asia and Africa. These regions comprise the Eastern Hemisphere, especially Europe and the Near East. In the context of archeology and history, the term ‘old world’ includes those parts of the world which were culturally connected with the Bronze Age and onwards, resulting in the parallel development of the early civilisations. These regions were connected through the Silk Route trade ways, and have a pronounced Iron Age period. The concept of the three continents being referred to as the Old World goes back to classical antiquity. This definition remained influential throughout the Middle Ages and the Early Modern Period.
The New World refers to the Western Hemisphere that consists of North America and South America together. This term, New World also refers to certain Atlantic and Pacific oceanic islands to which the closest continental shelf is that of the Americas, and sometimes Oceania. The term originated in the 16th century, shortly after the discovery of Americas by the Europeans, during the time when the Europeans were expanding their geographical horizons.

Therefore, from the above discussion it can be correctly pointed out that option C, that says both A and B are correct, is the right answer.

Note: The whole concept and understanding of the Old World and the New World is through the European perspective. The Americans were also referred to as the ‘fourth part of the world’.