The correct answer is: Only assumption I is implicit.
The statement says that the education of a student at collegiate level costs four hundred rupees a year. It also says that collegiate education is drawing heavily upon the national resources of an impoverished community. From this, we can infer that the country has limited resources. However, the statement does not say anything about how many students should be admitted to colleges. Therefore, we cannot infer that only a few students should be admitted to colleges.
Assumption I is implicit because the statement says that the country has limited resources. This means that the country cannot afford to provide college education to everyone. Assumption II is not implicit because the statement does not say anything about how many students should be admitted to colleges.