Final answer:
Capacitors and transformers are not identical in operation; capacitors store energy in an electric field, while transformers modify voltage and current through magnetic induction. A dielectric increases a capacitor's capacitance and energy storage.
Step-by-step explanation:
The statement that capacitors and transformers are nearly identical in their operation is False. Capacitors and transformers both play roles in electrical circuits, but they have fundamentally different functions. A capacitor stores energy in an electric field created between two conductive plates separated by an insulator (or dielectric), while a transformer transfers electrical energy between two or more coils of wire by magnetic induction, typically modifying the voltage and current in the process. Furthermore, when a dielectric is introduced between the plates of a capacitor, it actually increases the capacitance by reducing the electric field strength for a given charge, thereby allowing for more charge to be stored at the same voltage. Consequently, this also increases the energy stored in the capacitor. It's important to note that capacitance is inversely proportional to the distance between the capacitor plates, not directly as misstated in the question predicates.