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Sentence Correction: Subject Verb Agreement - A Pseudo-Plural Singular Subject

Economics is the social science that studies the production, exchange, distribution, and consumption of goods and services. 

Incorrect.

This answer choice is grammatically incorrect. The singular subject Economics does not agree with the plural verb are.

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In addition, replacing the single word and with thethree-word phrase as well as creates redundancy.

Incorrect.

This answer is grammatically correct but stylistically flawed. Replacing the single word and with the three-word phrase as well as creates redundancy.

It is true that stylistic mistakes are not always corrected on the GMAT. However, since there is an answer choice which is both grammatically correct and stylistically flawless, it is preferable to this one.   

This answer choice is grammatically incorrect. The singular subject Economics does not agree with the plural verb are.

Incorrect.

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Another Subject Verb Agreement mistake in this answer choice is that the plural subject sciences does not agree with the singular verb studies.

Incorrect.

This answer choice is grammatically incorrect. The singular subject science does not agree with the plural verb study.

Excellent!

This answer choice correctly matches the singular verb is to the singular subject Economics.

is the social science that studies the production, exchange, distribution, and
is the social science that study the production, exchange, distribution, and
are the social sciences that studies the production, exchange, distribution, and
is the social science that studies the production, exchange, distribution, as well as
are the social sciences that study the production, exchange, distribution, as well as