Correct choice is (a) lags the applied voltage
To elaborate: The current through the pressure coil is in phase with the applied voltage in an ideal wattmeter. The pressure coil is assumed to be purely resistive. Practically, the pressure coil has a small inductance L. As a result the current lags the applied voltage by a certain angle.
where, R2 = r2 + R = total resistance of the pressure coil
r2 = resistance of pressure coil
R = series resistance with the pressure coil
I1 = load current.