(N/A) The area of the rectangular loop is $A = 8 \; cm \times 2 \; cm = 16 \; cm^2 = 16 \times 10^{-4} \; m^2$.
The rate of change of the magnetic field is $\frac{dB}{dt} = 0.02 \; T \, s^{-1}$.
The induced electromotive force (emf) $e$ in the loop is given by Faraday's law: $e = \left| \frac{d\phi}{dt} \right| = A \frac{dB}{dt}$.
Substituting the values: $e = (16 \times 10^{-4} \; m^2) \times (0.02 \; T \, s^{-1}) = 0.32 \times 10^{-4} \; V$.
The induced current $i$ in the loop with resistance $R = 1.6 \; \Omega$ is $i = \frac{e}{R} = \frac{0.32 \times 10^{-4} \; V}{1.6 \; \Omega} = 2 \times 10^{-5} \; A$.
The power dissipated as heat is $P = i^2 R = (2 \times 10^{-5} \; A)^2 \times 1.6 \; \Omega = 4 \times 10^{-10} \times 1.6 \; W = 6.4 \times 10^{-10} \; W$.
The source of this power is the external agent (the power supply) that is reducing the current in the electromagnet,thereby changing the magnetic field.