As already said by Fadi Mkhayel, in order to understand if a signal is bandlimited you have to find its Fourier series. The series is composed by "sin" and "cos". If the series extends to infinity then the signal is not bandlimited.
In your case you have just 2 frequencies, the the signal is band limited.
Remember that the signal is described as sin(ω•t+φ) or cos(ω•t+φ)
Since ω=2•Π•f, in your case 500•Π=2•Π•f ==> f1=250 Hz and 700•Π=2•Π•f2 ==> f2=350 Hz
from Nyquist you have to sample at a frequency greater than 2 times the higher frequency of the signal, in your case 350 Hz, than you have to sample at a frequency > 700 Hz (strictly ">" and not ">=").
In case of non-bandlimited signal you cannot find a suitable sampling frequency, than you have to filter before sampling and then choose a sampling frequency greater than the double of the cut-frequency of the filter.