What is the degree measure of the smaller angle between the hour hand and the minute hand of a clock at exactly 2:30 p.m. on a 12-hour analog clock?
[asy]
unitsize(0.8inch);
for (int i=0 ; i<=11 ;++i)
{
draw((rotate(i*30)*(0.8,0)) -- (rotate(i*30)*(1,0)));
label(format("%d",i+1),(rotate(60 - i*30)*(0.68,0)));
}
draw(Circle((0,0),1),linewidth(1.1));
draw((0,-0.7)--(0,0)--(rotate(15)*(0.5,0)),linewidth(1.2));
[/asy]

There are 12 hours on a clock, so each hour mark is $360^\circ/12 = 30^\circ$ from its neighbors.  At 2:30, the minute hand points at the 6, while the hour hand is mid-way between the 2 and the 3.  Therefore, the hour hand is $\frac12\cdot 30^\circ = 15^\circ$ from the 3 on the clock, and there are $3\cdot 30^\circ = 90^\circ$ between the 3 and the 6 on the clock.  So, the hour and the minute hand are $15^\circ + 90^\circ =\boxed{105^\circ}$ apart.