It's not difficult to find out what the compiler is doing with your code (I'm using DevStudio 2005 here). Write a simple program with the following code:
int i = 45, j, k;
j = i * 3;
k = i + (i * 2);
Place a breakpoint on the middle line and run the code using the debugger. When the breakpoint is triggered, right click on the source file and select "Go To Disassembly". You will now have a window with the code the CPU is executing. You will notice in this case that the last two lines produce exactly the same instructions, namely, "lea eax,[ebx+ebx*2]" (not bit shifting and adding in this particular case). On a modern IA32 CPU, it's probably more efficent to do a straight MUL rather than bit shifting due to pipelineing nature of the CPU which incurs a penalty when using a modified value too soon.
This demonstrates what aku is talking about, namely, compilers are clever enough to pick the best instructions for your code.
Skizz