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Then we won't have a democracy, but yes some form of oligarchy where only people with time to study politics (a.k.a. rich people) would have a vote. And the test could be made biased by the governing party to support only their ideology.
It's easy to make a standardised test that reveals basic knowledge of politics without having it lean one way or the other. It should not have to be necessary to study for it, only have a basic understanding of politics, actions and reactions. This is not much to demand from a member of a society.
This defeats the idea of democracy, democracy says every person has a natural right to an equal vote out of principle for being a human being, not for having political knowledge.
It is a matter of principle, not pragmatism.
the principle is meant to help society. Society does not necessarily benefit from the greater consensus. Just because everyone has a voice, does not mean every voice is worth listening to. Democracy often fails on this principle. pragmatism must come before principles.
We need principles to reach pragmatic goals. If we discriminate against a group of your choosing then that group will organize and protest.
You cannot help society after hurting the individual.
The questions used may incidentally enforce other sorts of bias. Such a system thereby creates an opportunity and risk for politically motivated voter suppression.
Who decides what the questions are? If it's the elected officials, it's far too likely that they would manipulate the questions in order to secure themselves a seat. You already see similar versions of this with other forms of voter control.
A democracy of ignorant voters is less likely to make choices or elect candidates that best serve their interests.