A

Step 1: According to Faraday's law of electromagnetic induction, an electromotive force (emf) is induced in a closed loop when the magnetic flux through that loop changes over time.
Step 2: In this scenario, the conducting wire is dropped vertically in the east-west direction. The motion of the wire does not change the magnetic flux through the wire itself, as it is moving parallel to the magnetic field lines when oriented properly.
Step 3: Since there is no change in magnetic flux through the wire, according to Faraday's law, the induced emf is zero.
Step 4: Since no emf is induced, there can be no induced current flowing in the wire.
Therefore, the correct answer is Option A: No emf is induced.