Job opportunities are very limited where I live. I just got laid off from a management-level position and fear that I will not be able to find a job that pays even close to what I was making at my previous job. Of course, living off unemployment isn't exactly my idea of "making it big", either.

If I can't find a decent-paying job and have to settle for a much lower-paying job, will I still be eligible for some or all of my unemployment wages? (If so, is there a cut-off point? WHat is this cut-off point?)

Here's an example:
Say you made $55K per year before you were laid off. You can't find a job in your industry and have no choice but to take a much lower-level position. Can you take a low-paying job to supplement your unemployment pay and make a little extra cash? If you make only $20K in the new job, can you still qualify for unemployment benefits? What if you make $30K in the new job? Can you still collect unemployment?

Thanks in advance for your response!

You have XXX amount of dollars in your unemployment bank (so to speak) once you use that up there are no more benefits to be had.

Whether you can receive unemployment when you take a lower paying job is very state and situation specific. It CAN happen, depending on state law and the exact circumstances; whether or not it WILL happen in any given situation is a question that can only be answered by the good folks in your own state UI office.