The question asks about the long-term effects of exercise on the respiratory system. Let's evaluate each option to determine the correct answer.
Conclusion: Based on the explanations above, the correct answer is The rate of exchange of gas increases. This is a result of the body needing to meet increased oxygen demands and efficiently expel carbon dioxide during and after physical activity, leading to adaptations that improve respiratory efficiency over the long term.
The key to this question is the difference between an acute response, what happens during a single bout of exercise, and a chronic adaptation, the permanent change that regular training produces over weeks and months, since the question specifically asks about the long-term effect.
Separating what changes acutely during a workout from what changes permanently with training, and staying specifically within the respiratory system, points to improved gas exchange efficiency as the genuine long-term adaptation.
Therefore, the correct answer is The rate of exchange of gas increases.

| List-I | (Traits) | List-II | (Explanation) |
| A | Cardinal Traits | (I) | Based on 3 factors |
| B | Central Traits | (II) | That reflect only in certain circumstances |
| C | Assessment of Traits | (III) | Building blocks that shape most of our behaviour |
| D | Secondary Traits | (IV) | Dominant behaviour |