To solve this problem, we need to understand the requirements for an astronomical refracting telescope to have large angular magnification and high angular resolution.$\\$• Angular magnification $(M)$ of a telescope is given by the formula:$\\ M = \frac{f_{objective}}{f_{eyepiece}} \\$where $f_{objective}$ is the focal length of the objective lens and $f_{eyepiece}$ is the focal length of the eyepiece.$\\$For large angular magnification, $f_{objective}$ should be large.$\\$• Angular resolution is determined by the ability of the telescope to distinguish between two close objects.$\\$According to Rayleigh's criterion, the angular resolution $(\theta)$ is given by:$\\ \theta = 1.22 \frac{\lambda}{D} \\$where $\lambda$ is the wavelength of light and $D$ is the diameter of the objective lens.$\\$For high angular resolution, $D$ should be large.$\\$Therefore, to achieve both large angular magnification and high angular resolution,$\\$the objective lens should have a large focal length and a large diameter.$\\$Thus, the correct option is:$\\$Option 1: large focal length and large diameter.