Isn't this like an "open-book" exam? We had them 50 years ago when I was doing my A-levels in the UK, and I always thought it was a good system. The trouble now is of course that you can ask the book to look up the answer, unless the question is very well thought out, which is hard. The open-book thing worked best IMHO for things like practical chemistry, where you needed the technique as well as the theory.