Jacki,
I too am confused about how Pages handles the resolution of imported JPEGs.
Here are the steps I followed and got results similar to yours where the original image size was not maintained when imported by Pages.
Scanned Image
I scanned an image at 300 dpi and set the size to .66 inches wide by .72 inches high. This gave me a image with these dimensions is pixels:
197 pixels wide = .66 inches (multiplied by) 300 pixels/inch
216 pixels high = .72 inches (multiplied by) 300 pixels/inch
Photoshop Verification
Photoshop Elements verified the image's dimension and resolution:
197 pixels wide, .66 inches, @300 dpi
216 pixels high, .72 inches, @300 dpi
Preview Verification
Preview's Inspector verified the pixel dimensions and resolution, but I did not see where it then calculated the dimensions in inches:
197 pixels wide, @300 dpi
216 pixels high, @300 dpi
Pages Complications
I then imported this image into Pages where the Image Inspector reported these dimensions in inches, but no resolution nor pixel dimensions:
2.74 inches wide
3.00 inches high
I suspect as do others that this dimension was set by Pages by using an image resolution of 72 dpi instead of the image's actual resolution of 300 dpi:
2.74 inches wide = 197 pixels (multiplied by) 72 pixels/inch
3.00 inches high = 216 pixels (multiplied by) 72 pixels/inch
Frustration
I specifically set the 300 dpi resolution and the image's dimension in inches during the scan so that further adjustments in size in Pages would not be needed. I too think it would be very helpful to know how Pages is handling image resolution and whether or not its current behavior is a bug.