Hey tamir297, welcome to our AndroidForums!
At the risk of posting before those that know math much better than I do

p), I'll just chime-in with my brief thoughts:
Quick answer: I believe it would be 0.5 seconds (i.e., your app kept the CPU busy for half of the one second interval).
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Whenever I've typically cited CPU usage, it's usually in terms of the percent of utilization over a given time period.
In your example, I would say that your CPU was 50% busy over that one second. If you knew the max. CPU speed (1 MHz in this case), you'd be able to figure-out that you you averaged 0.5 MHz over that one second of time.
Your app didn't (and probably couldn't) use all 100% of the CPU's capacity (1 MHz) because it was probably in a sleep state or waiting for an I/O operation to complete, etc.
Hope that helps!
edit: Oh, I forgot to mention that I still have a Z80A chip that ran at 4 MHz that I was going to use to "upgrade" the original Z80 chip (2.5 MHz) in my Kaypro II from back in the early 1980s. I never installed it, though

.