The Producers is a musical adapted by Mel Brooks and Thomas Meehan from Brooks' 1968 film of the same name, with lyrics written by Brooks and music composed by Brooks and arranged by Glen Kelly and Doug Besterman.
8 ounces = 1 cup 4 ounces = 1/2 cup So yes, 12 ounces is equal to 1 1/2 cups.
The straight answer is there are 8 US fluid ounces in a cup, so 16 US fluid ounces would be equal to 2 cups (aka 1 pint or 1/2 quart). In the world of US weights, since A pint's (quite nearly) a pound the world around, 16 troy ounces of water is just a bit less than 2 cups.