No, there's only one variable - you haven't declared any instance variables.
Unfortunately, Java lets you access static members as if you were accessing it via a reference of the relevant type. It's a design flaw IMO, and some IDEs (e.g. Eclipse) allow you to flag it as a warning or an error - but it's part of the language. Your code is effectively:
System.out.println("Value of i = " + test.i);
System.out.println("Value of static i = " + test.i);
If you do go via an expression of the relevant type, it doesn't even check the value - for example:
test ignored = null;
System.out.println(ignored.i); // Still works! No exception
Any side effects are still evaluated though. For example:
// This will still call the constructor, even though the result is ignored.
System.out.println(new test().i);
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