Answer:
Some MBA graduates are managers.
This conclusion follows. The first statement states that most managers are MBA graduates, which implies that there must be at least some MBA graduates who are managers.
All managers are CEOs.
This conclusion does not follow. The third statement states that all CEOs are managers, but it does not imply that all managers are CEOs. There could be managers who are not CEOs.
No CEO is an MBA graduate.
This conclusion does not follow. The second statement states that no MBA graduate is a CEO, but it does not imply that no CEO is an MBA graduate. There could be CEOs who are not MBA graduates.
Some CEOs are MBA graduates.
This conclusion does not follow. There is no direct information given about the relationship between CEOs and MBA graduates. The statements only provide information about the relationship between MBA graduates, managers, and CEOs, but they do not establish a direct connection between CEOs and MBA graduates.
Therefore, only conclusion 1 follows: Some MBA graduates are managers.