Smallest fraction

Which of these is the smallest?
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Problem



Which of these is the smallest?

$$\frac{2+3}{4+6}\hspace{30mm}\frac{2\div3}{4\div6}\hspace{30mm}\frac{23}{46}\hspace{30mm}\frac{2-3}{4-6}\hspace{30mm}\frac{2\times3}{4\times6}$$

This problem is taken from the World Mathematics Championships