Correct Answer: Transfer payments

Solution : The correct answer is d) Transfer payments.

Transfer payments, such as government assistance programs, social security benefits, and welfare payments, are not included in the calculation of national income. These payments are considered transfers of income from one group to another and do not directly contribute to the production of goods and services within the economy.

On the other hand, rental income, interest income, and capital gains are all included in the calculation of national income as they represent income generated from the factors of production and economic activities.