* 305 cubic inches is approximately 4.99 liters. So, very close, but technically not 5.0 liters.
* 350 cubic inches is approximately 5.73 liters.
Therefore, a 5.0-liter engine would be neither of those, but rather something in between, though likely closer to the 305. There were no 5.0-liter factory-produced Chevrolet small-block engines. A 5.0-liter displacement would be unusual for a Chevy small-block, unless it was a highly modified engine or a completely different engine family.