Dissolve yeast in very warm water in a small bowl; let stand 5 minutes.
Lightly spoon flours into dry measuring cups; level with a knife. Place 1 1/4 cups all-purpose flour, whole wheat flour, sugar, and salt in a large bowl; stir well. Stir in yeast mixture and olive oil, stirring to form a soft dough. Combine olives and 2 tablespoons all-purpose flour in a small bowl.
Turn dough out onto a lightly floured surface. Gently knead in olive mixture until smooth and elastic (about 6 minutes). Place dough in a large bowl coated with cooking spray, turning to coat top. Cover and let rise in a warm place (85°), free from drafts, 45 minutes or until doubled in size. (Press two fingers into dough. If indentation remains, the dough has risen enough.)
Punch dough down, and divide into 12 equal portions. Shape each portion into a ball, and place on a baking sheet coated with cooking spray. Cover and let rise 20 minutes or until doubled in size.
Preheat oven to 400°.
Bake at 400° for 18 to 20 minutes or until golden.