This expression is evaluated from right to left, as if parentheses were placed like so:
2^(2^2) = 2^4 = 16.
For this problem, the order isn't important, since (2^2)^2 = 4^2, also equals 16. For other problems with different numbers, thought, you can get different results.
For example, 5^2^3 = 5^(2^8) = 5^8 = 390625.
If you evaluate in the wrong order, you get (5^2)^3 = 25^3 = 15625.