The answer is C. The program prints:
38

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 |
|---|---|---|
| 4 | yes | 4 |
| 38 | yes | 38 |
| 26 | no | 38 |
| 12 | no | 38 |
| 30 | no | 38 |
The code again
numbers = [4, 38, 26, 12, 30]
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.