Which of the following compounds will react with sodium hydroxide solution in water?

The above reaction is basically an acid-base reaction more acidic is phenol.

Phenols are more acidic than the alcohols due to to the more stability of phenoxide ion than alkoxide ion due to the resonance of electron pairs of oxygen with the aromatic ring.

Phenols are more acidic than benzyl alcohols due to the pi electrons of oxygen contribution to the aromatic pi systems. But this cannot happen in benzyl alcohols.

Thus, phenol is more acidic.