Managerial insistence on retaining the right to make business decisions such as location and production technology without interference from employees or unions was formalized in the 1940s.

This statement is true. The right of management to exclusive control over business decisions was recognized in the National Labor Relations Act of 1935, and was further strengthened by the Taft-Hartley Act of 1947. This gave management the right to make decisions on matters such as location, production technology, and other business practices without interference from employees or unions.