Yes, the .049 or .07 is Cubic Inches, not cc's.
Not sure which kit this is, but it would probably handle up to a .10. If this is your first plane, please don't try to fly it on your own; it will be a pile of scraps within 30 seconds. Find a club, get an instructor. [

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This is a marvwlous hobby, and there are a LOT of terrific people who are willing to help the new guy. So please take some time to read posts and ask questions.
Good luck,
Dennis-