Answers

2015-07-22T01:45:01+05:30

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It would be.... by this time we would have done something useful
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2015-07-22T06:58:14+05:30

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Certified answers contain reliable, trustworthy information vouched for by a hand-picked team of experts. Brainly has millions of high quality answers, all of them carefully moderated by our most trusted community members, but certified answers are the finest of the finest.
Either.. it should be - It is time that we do something useful.
                         or - By that time, we could have done something useful.

-> EXPLANATION : --
Observe carefully <the given sentence>.."it is time we should have done something useful."
 
      The error is that the tenses are jumbled. Either, it should convey a mistake from the past - "
By that time, we could have done something useful." or else it should convey a present decision, "It is time that we do something useful."

...it is time <present> , we should have <past> - present-past jumble , a tense disorder

-> Extra: 
Except the two other correct forms of the sentence that I have mentioned, it can also be --

- By this time, we would have done something useful

- It was the time when we could have done something useful.
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what is difference between do and did
do is in present form and did in past
mine answer is right
ok
it is right that your answer is ok, but you did not explain the error.