Crazy Sherm has it right.
One of the assumptions of the ideal gas law is that since gas particles occupy so little volume relative to the volume of space between these gas particles, the volume of the gas particles themselves is insignificant. Thus, the ideal gas law does not account in it's volume the volume of the gas molecules themselves. At STP, this makes sense because it would probably be the difference between saying a gas takes up 22.414L of space of a gas takes up 22.4140001 L of space.
When you drop the temperature and raise the pressure significantly, you greatly decrease the volume, so the size of the gas particles becomes more and more significant. As the pressure increases, the ratio of "open" volume between moecules (space between molecules accounted for in the ideal gas law) to volume occupied by gas molecules gets smaller. So the ideal gas law would predict a volume that was smaller than the real volume.
A lot of you have been saying that the answer should be that the volume is smaller than predicted by the ideal gas law...and to some extent, that makes sense. As you decrease volume (by increasing pressure or decreasing temperature), intermolecular forces begin coming into play, and if a molecule is polar, the molecules may attract each other. Of course, most polar molecules would begin to liquify or solidify at high pressure and low temperatures. However, if the molecule is nonpolar, like H2, or just a single atom, Xe, the electron shells at the exterior of the molecules would actually be repulsive of each other. Either way, I don't think you need to consider these possibilities since it's not asking about a particular type of gas moecule...just a general gas moelcule.