Am I at a Good Standing? [TX resident, top 20% rank, 3.88 GPA]

What majors are you interested in - Business and Economics or just economics? How quantitative do you hope your major to be?
Would you be open to a women’s college?

Have you run the NPC on colleges such as Southwestern and SMU?
What about Tulane?
If you really like it and your parents really can afford whatever the NPC indicates, you should apply ED1 (or ED2) since it makes a big difference there. It’s a reach for everyone due to acceptance rates but ED makes that closer to low reach.

What’s your parents’ budget - if you look at large public universities , it’s going to be hard to beat UT/TAMU.

UCs won’t consider test scores and will not offer any scholarships or financial aid.

Penn State is unlikely to offer much if anything financially.
Economics is in CLA (you can make it more or less quantitative, add HR or technical or communication minors..) and would be a safety. Smeal (Business) is always a reach though it looks like you have a shot - a safer route, which almost all students who eventually major in business start as, is DUS, from which you can pivot to any major as long as you have the required grades. For both, it’s important to have math through precalc or calc (and if you have an AP score of 4 or 5, definitely submit it) and foreign language through level 3 or 4.