PeeWee, here is a little experiment anyone can try if their lens is 50mm or if they have a zoom with focal lenght markings...meaning mostly a DSLR.     

Set the focal length to 50mm.  This is the 1:1 or life size image view in 35mm.  Look through the viewfinder and with the other eye open look at the actual scene.  I will bet the views are the same size.   No magnifiaction and no reduction in image size.   So, my Nikon set at 50mm shows a viewfinder image the same size as my other eye sees...it does not see a magnified view of the 75mm lens.    Sure, the crop will be like from a 75mm but the image size...well, just try this simple experiment.    

I thought my last post was my last on this thread. Alas...had to type a bit more.   I believe lots of the confusion is in how this subject is presented and described.  That can often lead to more confusion.  Simple experiments will show what is really happening, as do the graphics shown here.

Maybe this is all from me on this one...Tom.