The correct answer is: Only II follows.
The first statement is “Some blades are hammers.” This means that there is at least one object that is both a blade and a hammer. The second statement is “Some hammers are knives.” This means that there is at least one object that is both a hammer and a knife. The third statement is “Some knives are axes.” This means that there is at least one object that is both a knife and an axe.
The first conclusion is “Some axes are hammers.” This conclusion is not valid because the first statement only says that some blades are hammers, not that all blades are hammers. It is possible that there are blades that are not hammers.
The second conclusion is “Some knives are blades.” This conclusion is valid because the first statement says that some blades are hammers, and the second statement says that some hammers are knives. This means that there must be at least one object that is both a blade and a knife.
The third conclusion is “Some axes are blades.” This conclusion is not valid because the first statement only says that some blades are hammers, not that all blades are hammers. It is possible that there are blades that are not hammers. The second statement also does not help to support this conclusion because it does not say that all hammers are blades.
Therefore, the only valid conclusion is that some knives are blades.