This is something that you need to ask the administrators/faculty at your master's program about. Specifically, their record of placing into PhD programs. If, say, they place 20% of their students into PhD programs, then you could say you have a chance at a decent PhD program, and vice versa. (Given your undergrad performance, I'd say it may be reasonable to be confident of getting top 20% in a master's cohort, but not reasonable to go beyond that.)
I just looked up Carleton's website and they have an infographic on career paths. They show that less than 24% of Econ MA graduates go into education (I imagine academia is a fairly small subset of education). They don't even bother to list "further education" separately. That's not a good sign.
I think, realistically speaking, you should assume your typical placement out of the program will not be a PhD program. At this point, (i) consider whether you'd be happy with an economics-related government or professional job after Econ MA, or (ii) whether you want to switch directions completely now.
If you'd be happy with (i), then I'd say go ahead with the program and focus on the work, and if you do really well in the first semester, then consider applying to PhD programs.
But as of now, it's not realistic to put MA->PhD->academia as your primary career path; you're only going to hurt your chances at other careers if you focus too much on that possibility.