What is "zoom level" to you?

What is "zoom level" to you?
Is there a universal answer to this, which I have ignored?
* Would you think that a 2000x2000px image zoomed out to 50% should show 1000x1000?
* Or would you consider zoom level to be related to the area, i.e. a 50% zoom would show 1414x1414px view?

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