Why are women generally more susceptible to the effects of alcohol as compared to men?

Question: Why are women generally more susceptible to the effects of alcohol as compared to men?
  women have lower levels of the metabolizing enzyme to break down alcohol
  women have higher levels of the metabolizing enzyme to break down alcohol
  women have more water in their system so alcohol is absorbed more quickly
  women have more blood in their system so alcohol promptly enters the bloodstream

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women have lower levels of the metabolizing enzyme to break down alcohol