The probability of Type I error is referred to as the significance level of the test.

Name: The probability of Type I error is referred to as the significance level of the test.
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This statement is true. The significance level of a test is the probability of rejecting the null hypothesis when it is actually true (Type I error). The significance level is typically set at 0.05 or 0.01, depending on the level of confidence desired in the results.

The Probability of Type I Error Is Referred to as the Significance