"What we should really be talking about is improving these tests and beefing up operational security."
We have a real-world instance of the DRM problem here. Once you've put a static exam physically into the hands of the students, it's compromised. The attackers have massively, massively more resources than the defenders. The attackers can hire a hundred students to each take one picture of one page, and put the test back together themselves. And there's no way that the proctors can prevent students sneaking one picture of one page nowadays.
(Also, I'm not saying that's an optimal attack. I just put about 5 seconds' thought into it. But it's a sufficient attack already, so the existence of even further clever attacks only makes my point stronger.)
Even presenting the problems one at a time on a screen (massively more expensive, btw, due to brand new hardware requirements, plus introduction of other attack vectors) would not be sufficient. Clever games played with contrast or whatever won't work because the test needs to be highly accessible, so you can't play games like the old copy protection booklets [1], either.
Basically, if the test is static, it's game over.
Not that students aren't fairly good at cheating with dynamic questions. But those really only work well with the math questions, and even the dumbed-down calculators they still sell today can be convinced to run programs sufficient to "crack" any dynamic problems that the test companies can get their hands on for the math portions.
It's basically hopeless. The adversaries have gotten too darned powerful. They're armed with too much gear that would make old-school spies weep tears of joy.
[1]: http://i.imgur.com/eU8Rvhh.jpg