Final answer:
The correct statement to declare a 'pet' structure named 'hound' and initialize it with default values is a) 'pet hound = new pet();'. This uses the 'new' keyword to create and initialize the pet object.
Step-by-step explanation:
The statement that declares a pet structure named hound and initializes the object's fields with their default values is a) pet hound = new pet();. This statement uses the new keyword to create an instance of the pet structure and calls the default constructor to initialize all of its fields to default values. Option c) pet hound = pet(); is also a valid way to declare and initialize a structure in some programming languages like C++. Options b) and d) do not perform initialization with default values.