No.
0.7 lead is just the dimension (in millimeters) The 0.7 has nothing to do with the hardness (which is what the No. 2 refers to).
You can purchase 0.7 leads of various hardness that all will fit in the same mechanical pencil.
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Actually, what you are asking is referring to the hardness of the pencil. So both, 0.5mm and 0.7mm are the same hardness as number two pencils. The number of lead, 0.5, is a thinner lead in diameter to the 0.7.
The number two in reference to a pencil denotes the relative hardness of the graphite or "lead" that is in the pencil, HB being softer and three being harder, etc.
5- two by using the lead point of each pencil and 3 by using one lead point and the eraser end.
5- paper clips scissors, two pieces pf gum, pencil lead, a roll of tape and an apple
The product of the same two numbers, is the number's square.