The Shifting Economics of California

California, if considered a nation, would be the 5th largest economy globally. Despite its wealth, the state faces economic challenges, exacerbated by COVID-19. Historically, industries like film and tech have driven growth, but issues like high living costs and migration impact stability. The state's high taxes aim to balance these effects, but recent trends show potential economic decline. California's economy remains influential, yet it must adapt to avoid future downturns.

If California were considered a sovereign nation, where would it rank in terms of GDP globally?

• 3rd

• 5th

• 10th

• 7th

What geographical advantage helped California's film industry to thrive?

• Access to European markets

• Abundant sunlight and good weather

• Low cost of living

• Proximity to New York

Which industry was a major early success for California due to its geographical advantages?

• Agriculture

• Film

• Automobile

• Finance

What is a significant consequence of the influx of tech workers in California?

• Higher living costs and social issues

• Increased affordability for average earners

• Decreased real estate prices

• Improved public transportation

What is the term used to describe the benefits of industries being geographically close to each other?

• Localization

• Centralization

• Agglomeration

• Concentration

What is a common career path for tech workers in Silicon Valley?

• Long-term employment in one company

• Frequent job changes within the same city

• Short-term work followed by relocation

• Permanent relocation to California

What is a major reason for the high level of internal migration in San Francisco?

• Affordable housing

• Stable job market

• Excellent public services

• High cost of living

How has the shift to remote work affected California's economy?

• More tech companies moving to California

• Exodus of workers seeking better living conditions

• Higher state income tax revenue

• Increased demand for office spaces

What is a potential risk for California's economy due to its reliance on certain industries?

• Permanent economic growth

• Becoming overly dependent on tourism

• Suffering from industry decline

• Losing its geographical advantages

What is a significant challenge California faces despite its economic strength?

• Lack of skilled workers

• Low GDP per capita

• Declining tourism

• Over-reliance on a few industries