Correct Answer: Transfer payments

Solution : The correct answer is d) Transfer payments.

Transfer payments are not included in the calculation of GDP. GDP (Gross Domestic Product) is a measure of the total value of goods and services produced within a country's borders during a specific time period. It is calculated by summing up various components of economic activity.

Transfer payments, such as welfare payments, unemployment benefits, or pensions, are not included in the calculation of GDP because they do not reflect current production or economic activity.