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The frames on mine are 2"x 1" at 24" spacing, and assumes the T+G cladding contributes to structural stiffness. Built as four 'wall' frames, assembled in situ by screwing the frames to each other, with the roof assembled last. Admittedly it's in a sheltered position, but has been fine for the last 20 years - pics on pages 267 & 268.
4x2@16" sounds like the sort of stud wall that will hold another storey above it? Doubtless conforms to building regulations but perhaps excessive for a modest sized shed?
hah, 6' by 8' roughly, then. 2x4's a reasonable bit of wood for a small project?