Why do recipes have the instruction to fry in olive oil? Can someone please tell me, why do cooking instructions have you frying in olive oil? That doesn't make any sense as olive oil has a very low smoking point.
I would suggest three reasons:


The smoke point of olive oil, while lower than many oils, is higher than most items you would deep fry (375 - 490 F or 190 - 255C, depending on the olive oil). 
Tradition - if it is the oil that is most plentiful, it is the oil that is used.
Flavor - olive oil imparts a distinct flavor (as other oils do).