Preheat oven to 400°F.
Combine 1 cup flour, undissolved yeast, and salt in a large bowl. Heat water and olive oil until very warm (120o to 130oF). Gradually add to flour mixture. Beat 2 minutes at medium speed of electric mixer, scraping bowl occasionally. Add olives and enough remaining flour to make a soft dough. Knead on lightly floured surface until smooth and elastic, about 8 to 10 minutes. Cover; let rest 10 minutes.
Divide dough in half; roll each half into an oval about 1/2-inch thick. Place each oval on greased baking sheet. Using a sharp knife, make 2 rows of 4 or 5 diagonal slits on each oval. Pull slits apart slightly. Cover; let rise in warm, draft-free place until almost doubled in size, about 30 to 45 minutes.
Brush surface with olive oil; sprinkle with coarse salt. Bake in preheated 400oF oven for 18 to 20 minutes or until done. Remove from sheets; cool on wire rack. Serve with olive oil or balsamic vinegar for dipping.