Drop Shadow

The Drop Shadow live effect makes an object appear as though it was offset slightly from its background and casting a shadow from an imaginary light source. You can control the effect with six settings: Softness, Offset, Opacity, Shadow Color, Light Angle, and Noise.

Applying Drop Shadow to three objects: a bitmapped image, a rectangle with a gradient, and a text object.
The original objects (top); the objects with the live effect visible (bottom).

For more information about how to apply live effects, see Live effects.