Yes you would be correct.
drivers window open, turn OFF Radio
Turn on the key and listen for fuel pump, it is not quiet, it should hum for 2 seconds, but only 2 seconds, turn key off and on as much as you want to hear pump.
Fuel pump has a 20amp fuse in engine fuse box.
2000 Ranger 4.0l will have PATS(passive anti-theft system), the keys made for this one truck each has a unique code number in the handle, no batteries needed.
When you turn on the key that code number is sent to the computer, computer compares it to the key numbers it was programed with at the factory, if number matches then computer will TURN ON fuel pump and Fuel Injectors.
If key does NOT match, or no number is sent, then no fuel pump and no fuel injectors.
So you could have a PATS issue.
There will be an Anti-theft light on the dash, it should blink slowly, every few seconds, when key is not in or doors are locked.
That will tell you that the bulb is not burned out.
If you use the wrong or a bad PATS key then Anti-theft light will flash rapidly.
There is no by-pass for PATS system, if you think this is the problem then you either need to try a spare key, tow the truck to Ford dealer or a Locksmith with Ford software, they can correct and/or add more PATS keys to computers memory.
Or call a Mobile Locksmith that has Ford software