Aggregate functions on empty sets in SQL

The query

SQL> select min(1) from tbl where 1=0;

MIN(1)

returns one row with NULL. 2 questions:

1. Is it SQL standard?
2. Is it for any reason better than retuning minimal number in the numeric domain? (Same for dates, strings and other domains with total ordering). Every aggregate function internally starts a loop with some value (for example, sum starts with 0), and that value is the intuitive result of quering the empty set. Besiades, in order to find out the min/max numbers in the domain I would have to make one less trip to the documnetation;-)