Final answer:
2 ounces is 1/8 of a pound, which is determined by dividing 2 ounces by the total number of ounces in a pound, which is 16.
Step-by-step explanation:
To determine what fractional part of a pound is equivalent to 2 oz, we should use the information that 1 pound is equal to 16 ounces. Therefore, to find the fractional part that 2 ounces represent out of a pound, we divide 2 by 16.
2 oz ÷ 16 oz = 1/8
Hence, 2 ounces is 1/8 of a pound. This fraction represents the proportion of the pound that 2 ounces corresponds to.