The slope of Y = 1/2x + 1 is 1/2.
In a typical equation, there are 4 parts: Y, M, X, and B (since an equation in standard form is Y = MX + B. Y and X are typically variables, unless you fill them in with coordinate points to solve for B. B is the Y intercept, or where the line crosses the Y axis, and M is the slope of the line.
Thus meaning 1/2 is the slope for the equation given.
I hope this helps!