Each successive term in the sequence $2048, 512, 128, x,
y, 2, \frac 12, \frac 18,...$ is obtained by multiplying the previous term by a constant. What is the value of $x + y$?
Call the constant $r$. To get from $2$ to $\frac{1}{2}$, we multiplied by $r$, so $2r = \frac{1}{2}$, or $r = \frac{1}{4}$. To get from 128 to $x$, we multiply by $\frac{1}{4}$, so $x = 128 \cdot \frac{1}{4} = 32$. To get from 32 to $y$, we multiply by $\frac{1}{4}$, so $y = 32 \cdot \frac{1}{4} = 8$. Thus, $x + y = 32 + 8 = \boxed{40}$.