Will taking an elective for my major pass/fail hurt my chances for graduate admissions?

<p>I am an economics major in my senior year with a 4.0 in both my major and overall, something I take pride in. I am taking a class on the history of economic thought, which is taught by a professor whom makes it impossible to get an A. Based on the exams so far, the class average is probably a 40/100. The professor scales, but I do not want to rely on a scale to receive an A. I want to take the class pass/fail so that I do not have to worry about it lowering my GPA, but it is an elective for my major (though it is not a core requirement for my major) and I do not want this to look bad on my transcript for graduate school.</p>

<p>I want to go to school for a master's of science in finance. I do not want to get into a tier 1 school like MIT. I was thinking of something like Bentley or Brandeis. I have been speaking with folks at Brandeis about their admissions into the program, and it is relatively new (2006) and has a 60% acceptance rate with an average GPA of 3.6 for admitted students. I also have a letter of recommendation for admissions from a current Brandeis professor with whom I made good friends after helping him find a home (I have been a Realtor for three years now while I go to school full time).</p>

<p>I feel like I am qualified for the programs in which I have taken interest, but I do not want a 'P' on my transcript to make an admissions board push my file to the 'DECLINE' pile.</p>

<p>Please give me your advice!</p>