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I would say go for a masters degree only if your undergraduate record is only so-so. Economics M.A. also might be worth considering if you still need more time to take courses like real analysis, statistics, etc. Otherwise, an American Masters degree in Economics will not help you much. The reason for this is that Masters level courses at most universities here are more like upper-level undergraduate courses and usually far less rigorous than Ph.D. level courses. (and masters students usually are not welcome in Ph.D. level courses). One exception is the Economics M.A. program at Tufts University, which looks more like a European Economics Masters program (in terms of rigor as well as tuition..)
I can't comment on the UBC program but I think there might be people on this board who know something about it.
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