Which version of Acrobat do you have? With Acrobat XI you would select Tools>Content Editing>Edit Text&Images, then click on the image. This will select the image, and it will also show you resize handles around the image. When you grab one of these handles with your mouse, you can resize the image:

Karl Heinz Kremer
PDF Acrobatics Without a Net
PDF Software Development, Training and More...
http://www.khkonsulting.com