When you perform hypothesis tests, you are faced with four possible outcomes
described in the accompanying table. 
“☺" indicates a correct decision, and I and II indicate that an error has been made. In probability terms, state the mistakes that have been made in situation I and II, and relate these to the Size of the test and the Power of the test (or transformations of these).
Definitions:
Moral Hazard
The situation in which one party can take risks because they know that they will not have to bear the full consequences of their actions.
Life Insurance
A contract between an insurer and a policyholder, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person.
Auto Insurance
A policy purchased by vehicle owners to mitigate costs associated with getting into an auto accident.
Federal Government
The national government of a federated state, which holds the authority to govern the issues that affect the entire country.
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