Final answer:
The statement that a GPS is a satellite-based system providing accurate position, time, and speed information is true. Using a network of 24 satellites with atomic clocks, GPS determines precise locations, taking into account relativistic effects.
Step-by-step explanation:
True, a Global Positioning System (GPS) is indeed a satellite-based navigation system that provides extremely accurate position, time, and speed information. GPS relies on an array of 24 satellites orbiting the Earth, ensuring that at least 4 of them are visible from any spot on Earth at any given time. Each satellite is equipped with a precise atomic clock that allows for the calculation of your exact position based on the time it takes for their signals to reach your GPS receiver. These calculations of position are so precise that even relativistic effects such as general and special relativity have to be taken into account to maintain the high level of accuracy.
Applications of GPS technology extend far beyond personal navigation. They are critical in the transportation of people, goods, and services globally, and integrated within various technologies such as cell phones, handheld computers, and other mobile equipment. In terms of accuracy and precision, even as GPS can represent high accuracy by being close to the true location, precision can vary, as illustrated through examples of multiple GPS attempts to locate a single location like a restaurant.