<p>i've had classes where exams are taken one afternoon and handed back the next morning in recitation. it's eminently possible to have a non-multiple-choice exam graded within a week, provided you have enough people; in fact, i recall being asked to grade physics advanced standing exams during rush, and the same pool generally does both the 8.01 and 8.02 exams, on consecutive days.</p>
<p>then again, i never took any advanced standing exams, having better things to do. so i don't actually know.</p>