Multiple choice question is the best way out because of easier grading and coverage of the materials.
I will try to use more multiple choice exams, if possible but I think the downside of that is many students need help with their writing. With all the technology quick responses text, e-mail etc. I think the art of formal writing is being lost.
Exams do not take more than 10 minute altogether. The tests that I utilize come from a test bank and what I do is I often modify the test to cater to the material that is being taught. if I choose to add more questions or choose to put essay questions on the exam, that would take more time. There are often times when I use scan trons as well to expedite the grading of tests. For homework assignments, this takes a bit longer because I am reading every assignment to make sure that the questions were answered correctly. Going forward it could be a possibility in which I would implement better tools so homework won't be as paper pushing.