Step 1 :Write the equation in exponential form: \(\log _{16} 2=\frac{1}{4}\)
Step 2 :Convert the logarithmic equation to an exponential equation using the formula \(b^c = a\)
Step 3 :\(16^{\frac{1}{4}} = 2\)
Step 4 :\(\boxed{16^{\frac{1}{4}} = 2}\)