YoungEconomist, an MA in Economics looks like and sounds like a Master's in Business something.
For people who don't know or don't care, an MA in Economics is an MBA (we know it isn't). It's letters after your name in something that generally sounds smarter and more applicable than other degrees (e.g. religion or kinesiology). Don't get upset -- these knuckleheads are the smart ones making tons of real $$$ for themselves while all us book-smart people watch, research, and analyze them to earn a subsistence income.
Not having work experience is going to hurt you, but you're young. An MA will give you a big upper hand to getting a first internship or job with respect to undergrads. You might not be doing anything related to economics, but if you fail prelims, that might be exactly what the doctor orders.