If the students moved the ends of the rope up and down faster while keeping the distance they move the rope the same, the frequency of the waves created would increase because they are generating more wave cycles in the same amount of time. The wavelength, which is the distance between successive peaks of the wave, would decrease as a consequence of the increase in frequency (assuming the wave speed remains constant). The amplitude, which is how high the wave peaks are, would remain unchanged since the distance they are moving the ends of the rope is the same.
So, the correct response is:
The frequency would increase and the wavelength would decrease, but the amplitude would be unchanged.