Sure, as long as they never find out that you've been padding your estimates or that the project everyone thought was going to take a week turned out to be much simpler than anticipated and you got in done on Monday and just played video games the rest of the week they'll be happy. There's even plenty of bad management out there, so in some places this might hold true for a long period of time (even a career!), but it's not because that's what your employer expected you to do, or what they think they are paying you for. And a good manager is going to figure out pretty quick when the end result of your 1-week tasks is a two line PR that's something is fishy.
* Disclaimer: I have absolutely had the tasks the boiled down to two lines, but finding the right two lines took a week. A good manager is going to have sufficient understanding of the work to tell the difference.