[PantsOnFire]

Assuming I have a decent shot at a good score, I would want to perserve that score. Thus, I would not do something like randomly guess in a 0 EV situation. I would want to limit my variance.

If I had very little hope of doing well by not studying and getting blind drunk the week before, I would take a different approach. I would quickly move over the questions until I hit one I could do. When I had done all those, I would go back and randomly finish the test and cross my fingers (we all know guys who got into college this way right?)

So I think your arguement needs to be qualified with the motivation of the person being tested. I would suggest most normal students who have a decent chance of getting a good score should refrain from blind guessing and probably only guess on questions they can eliminate at least one answer and hopefully two.