Short answer: Yes.

Long answer: In order to compare two fractions, you must make the denominators equal to each other by finding the least common multiple the two denominators share. Then after you do that (as well as change the numerator accordingly), you can compare the numerators just as you would with any other integer. So in this case, 8 and 16 have a least common multiple of 16. This would then make 7/16 still 7/16 and 3/8 into 6/16. Now that their denominators are the same, you compare their numerators, 6 and 7. 7 is greater than 6 therefore 7/16 is larger than 6/16 or 3/8.