Question

A conducting loop of wire that is initially around a magnet is pulled away from the magnet to the right, as indicated in the figure,

Answer 1

The induced emf occurs in the left side vertical wire as that is where the charge separation happens. Looking at that wire, the induced emf is given by ε =BLv. This emf then causes a current I to flow in the loop based on V=IR, so I is given as BLv / R. The direction of that current is found with Lenz law as there is a loss of flux into the page, RHR–solenoid shows current must flow CW to add back flux into the page and maintain it.