Is it fair to give kids an award for effort?

My school gives out merit awards and endeavor awards. Both are just bits of paper, but the merits are for actually doing well and the endeavors are simply for trying. The school only awards the athletic students, so they all get merits and I got stuck with an endeavor, which I found offensive. You don't get jobs for trying and you don't get promoted for effort alone-is it fair to give kids an award for not actually doing anything? And is it fair that the smart kids don't get recodnized properly, but the jocks do?