Question 12 (2 points) All other characteristics being equal, securities with ____ liquidity would have to offer a ____ yield to be preferred. 1) lower; higher 2) higher; higher 3) lower; lower 4) none of the above Question 13 (2 points) If investors speculate in derivative contracts rather than the underlying asset, they will probably achieve ____ returns, and they are exposed to relatively____ risk. 1) lower; lower 2) lower; higher 3) higher; lower 4) higher; higher