Financial Markets Final Exam

In the explanation to question 10 you say “….,these markets are highly illiquid….” When referring to the fixed income bonds market. However, as an example, I understand that the U.S. government bond market is the most liquid and efficient fixed income market in the world, trading around the clock. I have found numerous sources confirming this, so I believe it is a bit inaccurate to call ALL bond markets “highly illiquid”. Statement 2 is referring specifically issuers such as government and government agencies (as well as corporate).

Please clarify.