I can't follow the path they mention in question. I'm able to change Tab label by going to Setup>(User Interface)>Rename Tabs and Labels. Tab name cannot be changed but tab label for "Accounts" tab changed to new label.
Answer is True, as the question asked if we can change the TAB NAME of standard objects. So Yes we can change the TAB name (by changing the plural name) of Standard object by following the path.
We cannot change the standard object name, we can only change Display Lable
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