What do highly competitive schools think of a free period senior year?

I’m scheduling classes for my high school junior year next week and I’m pursuing the IB diploma program. I have some options that I’d like help with. My school allows IB students to take regular US history in 2 semesters over the course of 2 years, but not AP US history. If I pursue this option I get a free period during my senior year, if not my schedule is filled. I’m planning on majoring in the business field at one of the top schools (Wharton, Berkeley, Sloan, etc.). Would having this free period be a negative on applications? Would it be beneficial to have this period to help study for IB classes and work on extra-curriculars? Is APUSH worth taking at all?

My son had a free period almost every year. He did however take five honors or AP courses every semester.

He applied to two of your tagged colleges, MIT and UPenn, and got into both.