Final answer:
True, a single-replacement reaction is a chemical process where one element replaces a similar element in a compound and it is also known as a single-displacement reaction.
Step-by-step explanation:
The statement that a single-replacement reaction is a reaction in which one element replaces a similar element in a compound is true. Such reactions can be represented in the form of A+BC → AC+B when A is a metal replacing another metal B in the compound BC, or Y+XZ → XY+Z when a nonmetal Y replaces a nonmetal X in XZ. These reactions are also known as single-displacement reactions and are a type of redox reaction, highlighting that oxidation states change during the process.