We are given that the radii of two planets 'A' and 'B' are \( R \) and \( 4R \), and their densities are \( \rho \) and \( \frac{\rho}{3} \), respectively. The formula for the acceleration due to gravity at the surface of a planet is:
\[
g = \frac{4\pi G R \rho}{3}
\]
Since gravity is proportional to both the radius and density, the ratio of acceleration due to gravity at their surfaces can be written as:
\[
g_A : g_B = \frac{\frac{4\pi G R \rho}{3}}{\frac{4\pi G (4R) (\frac{\rho}{3})}{3}} = \frac{R \cdot \rho}{(4R) \cdot \frac{\rho}{3}} = \frac{1}{4} \cdot 3 = \frac{3}{4}
\]
Thus, the correct ratio is \( g_A : g_B = 3:4 \).