Obeying Authority? (Part 1)

Are we to obey any and every authority, even authority that may be unlawful? I am often quoted Romans 13 in response to that question.

1. Romans 13:1 - Let every soul be subject unto the higher powers. For there is no power but of God: the powers that be are ordained of God. (KJV)
2. Romans 13:1 - Let every soul be subject to the governing authorities. For there is no authority except from God, and the authorities that exist are appointed by God. (NKJV)

It is very interesting to note that the origingal King James Version, choses the word "powers" and the New King James goes with "authorities." One should also note that the King James says "higher powers" while the New King James "governing authorities." My question is this: "Which one is correct?"

1. Are we to be subject to "higher powers?"
2. Are we to be subject to "governing authorities?"
3. Are we to be subject to "higher authorities?"
4. Are we to be subect to "governing powers?"

Which is it? Is there any distinction between the small and slight variances in the translations? Given the previous commentary that authority and power are not synonymous, and are two different things, I believe that it is important to understand which is correct. Before we explore the answer to these questions I would like to explore the common (mis-)conception of the preceeding passage.