Question : Which of the following is NOT a factor of production in the calculation of national income?
Option 1: Land
Option 2: Labor
Option 3: Capital
Option 4: Money
Answer (1)
24th Jan, 2024
Correct Answer: Money
Solution : The correct answer is (d) Money.
Money is not considered a factor of production in the calculation of national income. The factors of production are the resources or inputs that are used in the production process to create goods and services.
Money, on the other hand, is a medium of exchange and a unit of account used in economic transactions. It serves as a means of payment, but it is not considered a factor of production itself.
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