Final answer:
Increasing the alpha level from 0.01 to 0.05 increases the likelihood of a Type I error and affects the statistical significance of a study.
Step-by-step explanation:
Increasing the alpha level, for example from 0.01 to 0.05, increases the likelihood of a Type I error, which is the error of rejecting a true null hypothesis. This change in alpha level does not decrease the likelihood of a Type I error, and while it might increase the power of the study by making it easier to reject the null hypothesis when it is indeed false, this is not the primary effect described. Lastly, changing the alpha level directly affects statistical significance, making it easier to achieve).