Conventional Levels of Significance Have Been Set at 5% and 1

Multiple Choice

Conventional levels of significance have been set at 5% and 1% in order to:

A) maximally protect against Type I error
B) maximally protect against Type II error
C) compromise between the risk of a Type I and Type II error
D) none of the above; these levels were set historically in an arbitrary way without regard to issues associated with Type I or Type II error