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It means "the serious students are studious."
"The good students are lazy."
alumnos is another word that means "students". I find that it is usually used more when referring to younger students, however alumnos and estudiantes can be used interchangably. "como son los alumnos" is asking "how are the students" meaning, what is their personality like, how do they look, etc.
"(Ustedes) son estudiantes" (Vosotros, as) sois estudiantes
wrong
"¿Cómo son los alumnos en la clase de español?" It literally means, "How are the students in the class of Spanish?" But its connotation interprets out to, "What are the students like in the Spanish class?"
Translation: They are so good
It means "what are the students like at your school?" in Spanish.
¿Son ellos buenos amigos? means "Are they good friends?" The appropriate answer if they are friends would be Sí. Ellos son Buenos amigos. If they are not good friends. No. Ellos no son buenos amigos. If you do not know. No sé si son buenos amigos.
I think you mean what does it mean in English. Anyway it means: "The bad students are the serious students". It doesn't really make sense because typically the good students are the serious ones. Bad students are typically not serious and are always goofing off.
It means, "These games are very good"
This means many students in the same school are friends.