Question: for the following significance level what is the probability of making a type 1 error?
Answer: The probability of making a type I error is α, which is the level of significance you set for your hypothesis test. An α of 0.05 indicates that you are willing to accept a 5% chance that you are wrong when you reject the null hypothesis. ... The probability of rejecting the null hypothesis when it is false is equal to 1–β.