Guidelines for Setting the Level of Significance Include

question 4

Multiple Choice

Guidelines for setting the level of significance include:

• A) If costs associated with type 1 error are high and a type 2 error is not costly set the level of significance very low.
• B) If costs associated with type 1 error are high and a type 2 error is not costly set the level of significance very high.
• C) If costs associated with type 1 error are not very high and a type 2 error is costly set the level of significance much higher.
• D) A and C
• E) B and C

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