Question: "How is time wasted?"  Context: "Seemingly, multitasking would cause a computer that is switching between several programs to run more slowly, in direct proportion to the number of programs it is running, but most programs spend much of their time waiting for slow input/output devices to complete their tasks. If a program is waiting for the user to click on the mouse or press a key on the keyboard, then it will not take a "time slice" until the event it is waiting for has occurred. This frees up time for other programs to execute so that many programs may be run simultaneously without unacceptable speed loss."  Answer:
The answer to this question is:
most programs spend much of their time waiting for slow input/output devices to complete their tasks