#### Answer

1/9

#### Work Step by Step

Multiplication and subtraction are done from left to right. Additionally, dividing by a fraction is the same as multiplying by that fraction's reciprocal. Thus, we obtain:
$$ \frac{1}{3} \times \frac {4}{3} \times \frac{1}{2} \times \frac{1}{2} = \frac{1}{9}$$