Final answer:
The force exerted on the magnet from the current induced in a loop due to it being pulled away from a magnet would oppose the original force, pushing the magnet back towards the loop. This is due to Faraday's and Lenz's Laws of electromagnetic induction, and can be observed using the Right Hand Rule-2 (RHR-2).
Step-by-step explanation:
The direction of the force on the magnet from the induced magnetic field in a conducting loop pulled away can be determined using Faraday's law and Lenz's law which speak to electromagnetic induction. These laws suggest the induced current will always oppose the change in magnetic flux creating it, thus creating a force that counters the initial force. The direction of the induced current can be determined using the Right-Hand Rule-2 (RHR-2) where your thumb points in the direction of the current and your fingers wrap around the wire in the direction of the magnetic field.
In this scenario, when the magnet is pulled away from the loop, the magnetic field strength decreases. This decrease in magnetic field strength would induce a current in the loop that creates its own magnetic field in the direction that counters the reduction in the original magnetic field. Using RHR-2, the direction will be such that your thumb (representing current) points in the direction opposite to the magnet's movement, and the induced magnetic field encircles the loop in the same general direction as the original magnetic field. Consequently, the force exerted on the magnet due to the induced magnetic field would be towards the loop, back in the direction of the original movement.
Learn more about Electromagnetic Induction