I'm filing my taxes on a 1040A form and I noticed this line
No one is claiming me as a dependent, so does that mean I should count myself as an exemption? What would that even mean?
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Yes, it means you can (and, usually, should) claim an exemption for yourself as long as no one else can claim you as a dependent. You're not claiming that you are your own dependent; you are claiming your personal exemption (if you can).
Ultimately, you are claiming exemptions. You get to claim an exemption for yourself if no one else can claim you as a dependent. You also get to claim an exemption for each of your own dependents, if any.