In a large saucepan or Dutch oven bring 3 quarts of water to boiling. Add pasta; return to boiling. Reduce heat. Boil, uncovered, for 6 minutes. Add carrot strips; cook for 2 to 4 minutes more or until pasta is tender but slightly firm and carrot strips are crisp-tender. Drain pasta and carrot strips; rinse with cold water. Drain again.
In a medium mixing bowl combine pasta mixture and olives.
For dressing, in a screw-top jar combine vinegar, water, oil, garlic, basil, sugar, onion powder, and pepper. Cover and shake well. Pour dressing over pasta mixture. Toss to coat. Cover and chill for at least 3 hours or up to 24 hours, tossing pasta mixture occasionally. Toss again just before serving. Makes 4 side-dish servings.