Final answer:
In The Binding of Isaac, the Magic 8 Ball is the item that both provides the effect "+0.16 Shot Speed Up" and grants Isaac a random tarot card when picked up.
Step-by-step explanation:
The item in The Binding of Isaac that provides the effect "+0.16 Shot Speed Up" and grants Isaac a random tarot card upon being picked up is A) Magic 8 Ball. The Magic 8 Ball is a passive item that increases Isaac's shot speed by 0.16. In addition to the shot speed increase, it also comes with the added bonus of granting Isaac a random tarot card when the item is picked up, which can be used for various effects during the game.