Step 1: Concept
The number of elements common to $A \times B$ and $B \times A$ is $(n(A \cap B))^2$.
Step 2: Meaning
Find the intersection of sets $A$ and $B$.
Step 3: Analysis
$A \cap B = \{3, 4\}$. The number of common elements $n(A \cap B) = 2$.
Step 4: Conclusion
Number of common elements in products $= 2^2 = 4$.
Final Answer: (D)