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Don't know information about the economics department - suggest you email Allegheny.
Meadville is in northwestern Pennsylvania and is about 45 minutes south of Erie, PA and about 1 1/2 hours north of Pittsburgh, PA. Cleveland is 2 hours away.
Allegheny has traditionally had an excellent Economics Department. I was a double Math/Economics major. I got a great job in banking right out of Allegheny and three years later went to Wharton for my MBA where I found the coursework easy. You get a great education at this college. I had many friends that whet on to get their masters and PHD's in Math and Economics.
Good luck. Feel free to ask me more questions. I will be back there in two weeks taking my daughter to visit as she is starting her college search.
Some go to these cities for the weekend but I think most students stay on campus. I found lots to do for my first two years and then spent Junior Year Abroad. When I came back for senior year I was happy to be back after a year of travel.