1. A clinical trial was carried out to test whether a new treatment affects the recovery rate of patients suffering from a debilitating disease. The null hypothesis "H₀: The treatment has no effect" was rejected with a P-value of 0.03. The researchers used a significance level of =0.05.

State whether each of the following conclusions is correct and for each of your choice explain why.

1. The treatment has only a small effect.
2. The treatment has no effect.
3. The probability of committing a Type I error is 0.03.
4. The probability of committing a Type II error is 0.95.
5. The null hypothesis would not have been rejected had the significance level been set to =0.01 instead of 0.05.