While not universally true, it is generally the case that if the Mac correctly identifies the display it is attached to, it will give you all the display resolutions the display can correctly handle. Thus it would be interesting to know if, when you open the display preferences pane, it correctly shows the display model in the title bar for the dialog. If it doesn't the system is not 'detecting' the display correctly, and thus you'll likely only see a range of broadly generic resolution options.
If that is the case, you may be able to get the system to detect the display correctly by clicking on the 'detect display' button. Sometimes unplugging the display, rebooting the system and waiting until MacOS has loaded and then plugging the display lead back in will also 'fix' this problem.
If the display is being correctly identified but MacOS is still not giving the right selection of resolution settings, you can try using a utility such as SwitchResX (
http://www.versiontracker.com/dyn/moreinfo/macosx/15467) to set it as you wish.