问题如下：
Statement 1: A given project shouldn`t include both an expansion option and an abandonment option because we cannot exercise them simultaneously.
Statement 2: The risk-free rate should be used as the required rate of return for all the projects when evaluating the capital budgeting proposals.
Which of the above statements is correct?
选项：
A.Neither 1 nor 2.
B.Both 1 and 2.
C.Only 1.
解释：
A is correct.
考点：Evaluating Projects with Real Options
解析：同一个项目中可以既包含扩张期权也包含放弃期权，即使两个期权不能同时执行，但可以同时为项目增加价值。如果未来需求很高，我们就执行扩张期权；如果未来需求较低，我们就可以执行放弃期权。因此statement 1的表述是错误的。在评估不同项目时，不能统一使用无风险利率作为折现率，因为这样无法体现出具体项目的特有风险。因此statement 2的表述也是错误的。
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