Question 1 Suppose a firm's project generates cash flows for ten years. The first-year profits are $1000, and it grows by 3% each year. If the interest rate is 7%, what is the present value of the project? (rounded to the nearest whole number) O 8000 O7920 7023 O 8023 Question 2 Which of the following is false? The only resource that is available without limit is time O Scarcity implies tradeoffs An auction is an example of consumer-consumer rivalry Economic profits consider implicit as well as explicit costs 10 pts. 10 pts