The answer is D. The program prints:
49

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 |
|---|---|---|
| 46 | yes | 46 |
| 49 | yes | 49 |
| 40 | no | 49 |
| 31 | no | 49 |
| 21 | no | 49 |
The code again
numbers = [46, 49, 40, 31, 21]
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.