Correct Option is (2) 1 cm/s
According to given circuit diagram, equivalent resistance between point P and Q.
\(R _{PQ} = (4+4)|| (4+4)\)
\(=\frac {8\times 8}{8 + 8} = 4 \Omega\)
The equivalent circuit can be drawn as,

Equivalent resistance, Req = 4 + 1 = 5 Ω
Magnetic field, B = 5T
The side of the square loop, I = 20 cm = 0.20 m
The steady value of the current, I = 2 mA = 2 × 10-3 A
Induced emf, e = Bv0I
Induced current, I = e / Req
Substituting the values in the above equation, we get
\(2\times 10 ^{-3} = \frac {5 \times v_0\times 0.2}{5}\)
⇒ \(v_0 = 10 ^{-2} m/s = 1 \,cm /s\)
\(\therefore\) The value of v0 = 1 cm/s, so that a steady current of 2 mA flows in the loop.