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Characterizing projective moduleDoes Ext commute with direct limit?

Is it true that if $\mbox{Ext}^{1}(P,M)=0$ for every finitely generated module $M$ then $P$ is projective? Or that if $\mbox{Ext}^{1}(M,Q)=0$ for every finitely generated module $M$ then $Q$ is injective?Does $\mbox{Ext}$ commute with direct limit?

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Characterizing projective module

Is it true that if $\mbox{Ext}^{1}(P,M)=0$ for every finitely generated module $M$ then $P$ is projective? Or that if $\mbox{Ext}^{1}(M,Q)=0$ for every finitely generated module $M$ then $Q$ is injective? Does $\mbox{Ext}$ commute with direct limit?