What is the importance of a 5 significance level Why would you choose 5 as opposed to 10% or 1%? What effect does the level of significance have on a Type II error? ANSWER:

The word significance, when referring to statistical significance, does not mean that something is important or not , but insteadrefers to a result that was not likelyto have occured by chance. The use of either a 5%, 10%, or 1% significance level is the choice of the researcher based upon the importance or concern of committing a Type I or Type II error. A Type II error occurs when a false null hypothesisisaccepted in error. This could meanthat the researcher missed seeing a relationship that existed.If the consequences are gravelyimportant a higher significance level should be used. If...