If $\frac{dy}{dx}>0$, the function is increasing. If $\frac{dy}{dx}<0$, the function is decreasing.
Step 1: Examine Statement I.
The given function is \[ f(x)=x^2 \] Compute its derivative \[ \frac{df}{dx}=2x \] For the interval \[ (0,\infty) \] we have \[ 2x>0 \] Thus the function is **increasing** in this interval, not decreasing.
Therefore **Statement I is false**.
Step 2: Examine Statement II.
From calculus, if \[ \frac{dy}{dx}<0 \] then the slope of the function is negative. This means the function value decreases as \(x\) increases.
Hence the function is **decreasing** in that interval.
Thus **Statement II is true**.
Step 3: Final conclusion.
Statement I is false but Statement II is true.
Final Answer: $\boxed{\text{Statement I is false and Statement II is true}}$