Well you can't beat the price!  
Is Electronics Exchange the type of place that would not mind if you bring along a 9 volt battery and make sure that the Calibrate setting registers 70db as per the manual?
http://www.farnell.com/datasheets/3824.pdf or is it a take it or leave it type of place?
The unit apperently (?) has only "A" weighting, period. Which I think is this? (somebody please correct me if this is wrong)
Frequency Curve A  
Hz    dB   
16    -56.7  
31.5    -39.4  
63    -26.2 
125    -16.1 
250    - 8.6  
500    - 3.2  
1000       0.0 
2000    1.2  
4000    1.0 
8000    - 1.1  
16000    - 6.6 
So unless one is doing OSHA measurements, it is basically a 500-8,000 Hz meter and can't measure bass without extrapolation and +/- 3db.
Not exactly a Bruel & Kjaer, but for $15 instead of a B&K at $1,500 or $7,500......
However, a meter that has the C weighting as well as the A, like the Radio Shack, might be a lot more useful
Frequency  Curve C 
Hz    dB  
16    - 8.5 
31.5    - 3.0 
63   - 0.8 
125     - 0.2 
250        0 
500        0 
1000        0 
2000    - 0.2 
4000     - 0.8 
8000    - 3.0 
16000     - 8.5 
You can find the Chinese "7 range T22" for $21 w/shipping which claims +/- 2db w/ A and C weighting on Ebay.
Ken