Yes, this is possible.
First, you need two datasets, one for each collection.
Then, you need to use the dropdown’s connect panel to connect to both of those datasets:
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In the top section, connect to the Nation-Registry dataset and choose the field to connect the selected dropdown option to.
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In the Connect a List section, choose Connect dropdown list items , and connect to the Submit-Organization dataset and the Name field. Note, that if you have more than one item with the same name, it will show up twice in the dropdown options.