Step 1: Think of the two extremes of the ventilation-perfusion spectrum. The ratio $\frac{Va}{Q}$ goes to infinity when its denominator, the perfusion Q, falls to zero while ventilation Va persists. Step 2: Physiologically this is dead-space ventilation: fresh air enters the alveolus but no capillary blood arrives to pick up oxygen or unload carbon dioxide. Step 3: Because no blood contacts the alveolar membrane, the alveolar air ends up identical to humidified inspired air, with PO2 near 149 mmHg and PCO2 near 0 mmHg, and crucially no net transfer of gases occurs. Step 4: The key consequence asked for is that gas exchange ceases, so the correct choice is that there is no exchange of O2 and CO2. \[\boxed{\text{No exchange of O}_2 \text{ and CO}_2}\]