If the radius is halved (divided by 2, than the volume would be divided by 2 divided by 2 and divided by 2 again.
The reason is that the radius is only one dimensional (a line). Volume three dimensional, so the volume would be affected 3 times in the exact same way the one dimension is affected.
If 1 is divided by 2, divided by 2, and divided by 2 again, this is the same as saying
1/2 x 1/2 x 1/2
This equals 1/8.
The volume of the smaller sphere is 1/8 of the original.