This study uses data from 3 principles of microeconomics courses. The students are undergraduates. The course is the full 16-week fall/spring term. The course is taught by the same instructor and in consecutive semesters using the same course materials. The experiment has the approval of the Institutional Review Board. For a high stakes multiple-choice exam, students are assigned to three proctoring formats: no proctor, in-person, webcam. Learning outcomes are predicted from a model with independent variables of student characteristics common to the literature. The authors expect the prediction model to have the same explanatory power for the proctored exam formats. If there is a significant difference in explanatory power of the two models, this can be attributed to unobserved factors such as cheating, or anxiety related to proctoring format. The empirical results are the exam scores are lowest for the webcam proctor, higher for the in-person proctor, and highest for the un-proctored exam format. The result of the webcam proctor to the in-person proctor is consistent with an interpretation that the webcam proctor is more effective in limiting cheating opportunities than the in-proctor format. It is also consistent with the interpretation that the one-on-one surveillance of the webcam format creates more test anxiety then the in-person proctor format. Post-exam survey responses confirm the webcam promotes exam anxiety more than the in-person format.