A drill bit includes a bit body; a pad associated with the bit body; and a rate control device coupled to the pad that extends from a bit surface at a first rate and retracts from an extended position to a retracted position at a second rate in response to external force applied onto the pad. The rate control device includes a piston for applying a force on the pad; a biasing member that applies a force on the piston to extend the pad at the first rate; a fluid chamber associated with the piston; and a pressure management device for controlling a fluid pressure within the fluid chamber.