That was actually the first multimeter I ever owned as a kid. 1000 ohms/volt, IIRC. Think they cost 6-7 bucks back in the late 70s, maybe a buck or 2 cheaper if you bought the kit version. And it does have a range selector--you plug the red lead into the appropriate (15, 150, 1000) jack for the voltage you want to measure.
Sure, the thing is a joke now, but back then it was just the ticket for a kid playing around with dry cells, light bulbs, and switches.