Yes, you can.
When you are on the update quiz screen, look for the locally assigned roles tab, and click on 'teachers'. Then, find your students in the big list on the right and use the arrows in the center to move them to the teachers box on the left.
This will mean they have teacher capabilities, but only in the context of that quiz, not the other quizzes and not the rest of the course.
The roles and permissions forum has more info, as well as the roles part of the docs.
Comparisons and advocacy
Controlling Quiz access
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