A new instrument for fast measurement of frequency response of high-bandwidth optical and electronic devices is reported. Single-shot frequency spectrum measurements are enabled by time-stretch technology. An extremely fast measurement time of 27 ns is reported for the instrument. The reported instrument enables single-shot impulse response measurements with a 40 GHz bandwidth, which could be extended to beyond 100 GHz by using a faster electro-optic modulator. An ultra-low jitter of 20.5 fs is reported for the proposed instrument. The impulse responses measured using this technique are shown to correspond consistently with the manufacturer's specifications for the device under test. The reported instrument makes possible high-speed network parameter measurements, thereby enabling high-speed production-level testing of high-bandwidth opto-electronic devices/circuits/subsystems/systems and complex permittivity measurement of dielectric materials at a much reduced test time, lowering the test costs in a production environment.