Question

Do liquids exert pressure? How does pressure exerted by liquids change with depth?

Answer 1

liquids exert pressure on the walls of the container on which it is placed.
the formula to find the pressure exerted by the liquid at depth h is hdg where d is the density of the liquid and g is the acceleration due to gravity

Answer 2

Liquid pressure = weight density x depth

 The cause of pressure is simply the weight of the water (and air) above pushing against you. 

The pressure exerted by the liquid depends on density as well as depth. If you were submerged in a liquid more dense than water, the pressure would be proportionally greater