The correct answer is: Only I and II are implicit.
The statement “We must introduce objective type tests to improve our examinations for admission to MBA.” does not provide any information about the current admission process, so we cannot assume that the admission is directly through the interview. However, the statement does indicate that the Admission Committee is desirous of improving the admission examinations, and that the Chairman believes that objective type tests would be an improvement. Therefore, only assumptions I and II are implicit in the statement.
Assumption III is not implicit in the statement. The Chairman’s statement does not indicate whether or not he is an MBA. It is possible that he is an MBA, but it is also possible that he is not.