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Im taking 3 subject tests in December. If I take level 1, I can devote more time to Biology and Literature. And I only have 1 month and I'm busy these days....
Will it make a difference??
Majors of interest: Economics, Mathematical economic analysis, psychology....
I don't know much about this, but I'd just take whichever one you feel more comfortable with. If you've taken a lot of higher level math courses already, I'd take Math II and just study a little bit; you're probably already ready for it, for the most part. If you haven't had a lot of upper level math, take Math I. I took Math I because I didn't feel prepared for II and I'm really happy with my score. I would not have done as well on II.
If you'd rather spend time studying for others, by all means, take I. I highly doubt if anyone is going to count it against you. From what I've heard, the curve evens it all out anyway.
Although from what I hear, upper-tier universities really like to see Math 2. If you have taken analysis and/or trigonometry/precalc, Math 2 is not only easier but the curve is much better.