Final answer:
The sequence given is a geometric sequence characterized by each term being half of the previous term, also described as an exponential relationship with a base of 2.
Step-by-step explanation:
The sequence 1, 1/2, 1/4, 1/8, 1/16 is an example of a geometric sequence because each term is obtained by multiplying the previous term by a common ratio. In this case, the ratio is 1/2, meaning that each term is half the previous term. This can also be defined as an exponential relationship, where the base is 2 and the exponent is decreasing by 1 in each step (in negative terms).