In the Rajya Sabha, the States have been given seats based on their population. This means that the number of seats a state gets in the Rajya Sabha is determined by the size of its population.

Option 1 correctly states that the allocation of seats in the Rajya Sabha is done according to the population of each state. This means that states with larger populations will have more seats in the Rajya Sabha, while states with smaller populations will have fewer seats. This is done to ensure proportional representation of states in the upper house of the Parliament.

Options 2, 3, and 4 are incorrect. Option 2 suggests that seats are allocated equally, which is not the case as the allocation is based on population. Option 3 suggests that the allocation is based on both population and economic position, which is not true as only population is considered. Option 4 suggests that the allocation is based on the present economic status of states, which is also incorrect as only population is taken into account.

Overall, the correct answer is option 1, as it accurately explains the basis of seat allocation in the Rajya Sabha.