Dependent Features/variants (Logic Driven Drop Downs)

Is there a way to create features/variants or options that are dependant on the selection of another. For example.

Drop Down

- OPTION 1
- OPTION 2

If Option 1 selected then

Drop Down 2
- OPTION A
- OPTION B

If Option 2 selected then

Dropdown 3
- OPTION AA
- OPTION BB

Right now I create separate products for each of these three drop down scenarios with a single drop down, but would be a lot more efficient to admin and for the customer if it was just one product all grouped together and the price is built based on the selections they choose.


I should also add that I can't just use Options as the product is too complex and has multiple prices depending on the option and where they live. For example people in North American pay $100, but people in Europe pay 100 EUR (but displayed as $112 USD). So the options are not linear due to the two pricing structures. The above example is over simplified, but is the requirement.