Job opportunities will be the same because there is no school specific recruiting events + you will have the ability to take a good chunk of your classes at Wharton, so I see no issue in applying to CAS.
Econ is the study of economics, which is not the same as business, and is taught in the College of Arts and Sciences. Wharton is the business school, within which undergrads can major in business, which is, as I said before, different than economics.
What you learn as an econ major and what you learn in Wharton are vastly different (there's a running joke at Penn that there's a reason Wharton's degree is called a "BS" in econ).
That said, it's also pretty widely assumed that econ majors are next in line for banking/consulting interviews (this is a generalization, as there are plenty of others who major in math, engineering, etc. who get a lot of interviews as well).
This is probably because, if you were at any other school where an undergraduate biz school did not exist, and wanted to go into business, you'd most likely major in econ.
Ignore the fact that Wharton grants you a BS in Economics. The title is meaningless. You'll take two or three econ classes while at Penn. You learn business, plain and simple. Read the course offerings. Corporate valuation, financial accounting, international management, supply chain management, etc.