Hypothalamus may be defined as the small region of the brain that maintains the homeostasis of the body. The hypothalamus is divided into anterior hypothalamus and posterior hypothalamus.
The anterior hypothalamus of the brain is involved in the sleep activity of the organisms and releases the hormones also. The posterior hypothalamus is involved in the wakefulness of the individual.
Thus, the correct answer is wakefulness and sleep.
I would say no because hormones usually travel long distances via blood. This question makes it seem like it is short distance and does not talk about how the secreted entity travels. So my bet is no.