In generator (dynamo) the relative orientation of the magnet and the loop is changed leading to change in magnetic flux. Note the two affects of change in rotational speed to the induced current.
Sinusoidal signal is produced by a loop rotating at constant angular is speed in a uniform magnetic field. The magneitude varies between peak values, r.m.s. value being the effective value.
In the AC circuit the power dissipated (to heat etc) in the resistor varies as a function of time, since the current varies. If the mean power over one cycle was equal to the resistor placed in the DC circuit, the DC current would be equal to the r.m.s. value of the AC current.