Final answer:
Hinduism, recognized as the world's largest ethnic religion, is one of the oldest religions with diverse beliefs and rituals, primarily practiced in India and Nepal. It is characterized by a wide variety of practices without a single centralized religious authority or universally accepted set of beliefs.
Step-by-step explanation:
The statement that best characterizes the world's largest ethnic religion is that Hinduism is the world's largest ethnic religion. Hinduism, originating on the Indian subcontinent, is one of the oldest major religions in existence. Unlike some religions that have a centralized authority or a single foundational teacher, Hinduism has sprung from various traditions and has a complex structure with many schools of thought, a variety of rituals, and a rich tapestry of practices. Most of the estimated one billion Hindus reside in India and Nepal, and this tradition is marked by a wide diversity of beliefs and practices.
Furthermore, Hinduism includes a vast pantheon of deities, reflecting a range of theological perspectives from monotheism to polytheism, and due to its broad spectrum of beliefs, it is sometimes considered more a way of life than a rigidly defined faith. Important scriptures in Hinduism include the Vedas, the Upanishads, and epics such as the Mahabharata and the Ramayana.