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Unantz
The answer is 2:3.
It's like simplifying a fraction, find the biggest number that will divide into each. For this case, it was 8 which gives you the ratio 2:3.

Any ratio can be simplified into its simplest form by dividing the numerator and denominator by the common factor.

The given ratio is 16:24. To bring the ratio in its simplest form we will look for the factors of 16 and 24 and look for the greatest number that divides both 16 and 24.

The  greatest number that divides both 16 and 24 is 8.

16÷8=2

24÷8=3.

The ratio 16:24 in its simplest form is 2:3