False.
It is given that 1 pound of rice is equal to 16 ounces. If you were to multiply 5.25 (the amount of rice that you have) by 16 (how much one pound of rice is equal to in ounces) you'd get 84.
5.25 x 16 = 84
You are 4 ounces shy of the 88 ounces, therefore you don't have enough rice.