A liquid asset can be converted to cash quickly at a "fair market value." Real assets are generally 27) _liquid than financial assets, but different financial assets vary in their liquidity. Assets with higher trading volume are generally 28) _liquid. The average liquidity premium varies over time. The prices of long-term bonds 29) whenever interest rates rise. Because interest rates can and do occasionally rise, all long-term bonds, even Treasury bonds, have an element of risk called 30) risk. Therefore, a 31) risk premium, which is higher the longer the term of the bond, is included in the required interest rate. While long-term bonds are heavily exposed to 32) risk, short-term bills are heavily exposed to 33). risk. Although investing in short-term T-bills preserves one's 34). the interest income provided by short-term T-bills is 35) stable than the interest income on long-term bonds