Final answer:
Lowering the alpha level (α) is indeed a true method of reducing the risk of a Type I error in hypothesis testing, but this can inversely increase the risk of a Type II error.
Step-by-step explanation:
The statement is true. One way to reduce the risk of a Type I error is to lower the alpha level (α). The probability of making a Type I error, denoted by the Greek letter alpha (α), is the probability of rejecting the null hypothesis when the null hypothesis is actually true. Lowering α effectively decreases the chances of incorrectly rejecting a true null hypothesis, thus reducing the risk of a Type I error.
However, it is important to remember that the two types of errors in hypothesis testing, Type I and Type II errors, are inversely related. This means that while lowering α reduces the likelihood of a Type I error, it may increase the likelihood of making a Type II error, denoted by the Greek letter beta (β), which occurs when the null hypothesis is not rejected even though it is false.