How to translate and answer the question? I make my homework, but I am not sure in translating of a sentence and would be glad to become an answer from native speakers. The task is to write an answer to a question. The question is: 学经济的人多不多？ I understand it so: Do many people study Economics? And this is the answer, I had written down:学经济多的人。(Many people study Economics.)

Is it possible to answer this way or the meaning is another? Or the meaning of the question is totally another? I would be grateful for your help! Thank you!
Your answer is incorrect. 
The subject of your sentence is 学经济的人 （people studying economics, "study-economics-people") and your predicate is 多 (many). So putting it altogether:

学经济的人(很)多。 (positive) or 学经济的人不多。 (negative answer).