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I couldn't tell by smell if my bottle of Great Value olive oil was rancid or not - and decided to taste it to check - about 2 teaspoons. It had the bitter, peppery sorta burn in the back of my throat that some people have said is characteristic of good olive oil.

Is it likely that it is rancid? I can't quite describe its smell or taste.

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Good olive oil is supposed to have a peppery burn in the back of your throat. It is also not uncommon for it to have bitter elements. There is no way to discern if your oil is bad by your description. Olive oil that has been exposed to heat or light, or is just old, will no longer smell fresh. Fresh olive oil generally has grassy aromas with some olive mixed in. Rancid oil might smell waxy, some describe it as smelling of old crayons or old walnuts. It might taste fatty, as opposed to fresh and grassy. If it is rancid, couple of teaspoons is not going to cause any harm.

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