The simple version of the answer is: each question has a 1/4 chance of getting right, and since they're independent and you can mark two answers you have 2/4 or 1/2 of getting each correct, which gives you a combined chance of 25% for the entire test. The correct analysis is the combination of chances of:
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First time you picked a wrong answer on both (3/4 * 3/4) and second time you eliminated one answer from each and picked the correct one (1/3 * 1/3): 6.25%
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First time you picked both right, so didn't need the second time: 6.25%
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First time you picked the first one right, but the second one wrong (1/4 * 3/4) and second time you picked the correct one on the second one (1/3): 6.25%
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Same as above but for the second question: 6.25%
Which is also 25% btw, the other analysis is also correct, it's just an alternate problem with the same chances as this one.
Edit: sorry, didn't read the part about getting one question right would be a passing grade, so that's easier, to get a non passing grade you need to mark wrong both questions the first time (3/4 * 3/4) and mark both wrong the second time around (2/3 * 2/3) any other combination provides at least one correct answer, this has a 25% chance, so you have a 75% chance of getting at least one question right.