The answer is B. The program prints:
37

Why?
The loop remembers the biggest number it has seen so far, and replaces it whenever it finds a bigger one. This is how computers find the maximum.
Trace table
A trace table follows the program step by step. Here’s this one:
| n | n > biggest? | biggest |
|---|---|---|
| 31 | yes | 31 |
| 28 | no | 31 |
| 37 | yes | 37 |
| 15 | no | 37 |
| 18 | no | 37 |
The code again
numbers = [31, 28, 37, 15, 18]
biggest = 0
for n in numbers:
if n > biggest:
biggest = n
print(biggest)
Try it: change one number in the program and predict the new output before you run it.