The dilaton-gravity sector of the Two Measures Field Theory (TMT) is explored in detail in the context of cosmology. The dilaton \phi dependence of the effective Lagrangian appears only as a result of the spontaneous breakdown of the scale invariance. If no fine tuning is made, the effective \phi-Lagrangian p(\phi,X) depends quadratically upon the kinetic energy X. Hence TMT may represent an explicit example of the effective k-essence resulting from first principles without any exotic term in the fundamental action intended for obtaining this result. Depending of the choice of regions in the parameter space, TMT exhibits different possible outputs for cosmological dynamics: a) Possibility of resolution of the old cosmological constant (CC) problem. From the point of view of TMT, it becomes clear why the old CC problem cannot be solved (without fine tuning) in the conventional field theories (i.e theories with only the measure of integration \sqrt{-g} in the action). b) The power law inflation without any fine tuning can end with damped oscillations of \phi around the state with zero CC. d) There is a broad range of the parameters such that: in the late time universe w=p/\rho <-1 and asymptotically (as t\to\infty) approaches -1 from below; \rho approaches a cosmological constant. The smallness of the CC may be achieved without fine tuning of dimensionfull parameters: either by a seesaw type mechanism or due to a correspondence principle between TMT and conventional field theories.

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