I like my high school math consistent with set theory.
ø : empty set, 1 : {ø}, A : nonempty set, ~= : isomorph to.
A^ø ~= 1, because there is only one function ø->A, the empty function.
ø^A ~= ø, because there is no function with empty codomain and nonempty domain.
ø^ø ~= 1, because there is again one function ø->ø, the empty one.
So yes, 0^0 = 1.