The terminology here is confusing, and therefore I suspect the test methods to be faulty. You should definitely NOT have left out the part about the load because it has given us some clues into your line of thinking. Be patient.. you're not getting exact answers because you're not defining the problem well enough yet.
These may be obvious, but perhaps not:
- You can't regulate both voltage and current; only one or the other. Current is demand-based, as determined by the impedance of the load. Voltage is supply-based, as determined by the supply. (Assuming a voltage regulator and not current regulator. In a typical variable supply, you want a voltage regulator.)
- You can't measure resistance directly in a working circuit. You can however measure a voltage drop across a component, and hence calculate its resistance.
- You can measure current consumed, but it is slightly more involved. It's not as easy as probing two parts of a circuit and seeing a number. The current either has to flow THROUGH a meter, or you need a current sensing resistor with a known value, and then you measure the voltage drop across it.
Now, instead of accusing the regulator, describe the symptoms exactly. E.g.: You connect a load to a 9v battery and it does its thing as expected. You connect it to the regulator and it does nothing, or acts like it's running from a dead battery. Something like that...?