<p>A measurement instrument for measuring characteristics of a device to be measured has a signal generation part which, through a device-side terminal, outputs a forward signal to the device to be measured; a directional coupler which outputs a backward separated signal obtained by separating a part of a backward signal inputted through the device-side terminal from the device to be measured; a backward mixer part which outputs a backward detection signal obtained by multiplying a local signal of a predetermined frequency by the backward detection signal; and an analysis part which analyzes the characteristics of the device to be measured according to the backward detection signal. The directional coupler is included in a multilayer substrate, and the backward mixer part is included in a chip provided on the surface of the multilayer substrate.</p>
